In our present fiat financial system, money exists as government promises - that is debt.
This debt, like the system that supports it, is fragile, as the 2008 crisis showed.
Yet in reaction to the crisis, governments and authorities have done little to address the roots of the issue to choke off the possibility of a 2nd crisis.
Those who failed to see the crisis coming are still in charge.
Two examples of the potential for further problems can be found here:
Low interest rates trigger 2nd crisis
Our pensions are fragile too.
The root of the present issue is deeper than what we may be willing to acknowledge as it goes far beyond the realm of economics.
We need to look beyond the surface of economic theories and philosophies and into the abyss of human nature.
In my view, we are about to discover two things; truth and reality.
What we may be witnessing is the death of the first and most important god of post modern society, Mammon.
Like that first encounter of the ancient Egyptians with the God of the Hebrews, Hapi, the god of the river Nile that sustained life, was no match for a greater Deity.
In the ancient world Mammon was known as the god of materialism or, to use a definition from Dictionary.com, "a personification of riches as an evil spirit or deity."
The interpretation that Mammon is simply money is inaccurate as money, like many things, is neutral.
My understanding of this ancient word is that Mammon is the personification of "possessions that possess the possessor."
We have been told, by authorities, academics and other world improvers, that a fiat currency is "elastic & flexible", thereby providing us the ability to ride the ups and downs of the economy better which will improve the lives of everyone. Instead we have created a 1720s France scenario with John Law (Ben Bernanke) at the helm, steering the ship.
Like the Queen in Alice in Wonderland, we have "believed impossible things."
As Nietzsche, who pronounced "God is dead", we have deposed absolute values.
In my view, we will soon find out we are very wrong.
....but God chose what is foolish in the world to shame the wise, God chose what is weak in the world to shame the strong, God chose what is low and despised in the world, even things that are not, to bring to nothing things that are, so that no human being might boast in the presence of God. 1 Corinthians 1:27-29
For we are not contending against flesh and blood, but against the principalities, against the powers, against the world rulers of this present darkness, agains the spiritual host of wickedness in the heavenly places. Ephesians 6:12
Countdown to March 18, 2011 aka Collapse Day
29 days remaining.