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Post Carbon Fellow Richard Douthwaite was one of the "lost lights" honored in this piece in the Huffington Post.
From the article:
Brooding about the Headwaters Forest led to reading about the impacts of the monetary system on the environment, which led me to an essay by Richard Douthwaite and a few colleagues at a non-profit in Ireland that he co-founded called the Foundation for the Economics of Sustainability (FEASTA). The essay was, "Curing global crises: Let's treat the disease not the symptoms," and it brought several powerful ideas together: climate change, monetary reform, global equity and sustainable development. The existing monetary system has that interest rate problem mentioned above, but it also has a debt problem. The problem is that the money is actually debt. It is loaned into existence, and must be repaid with that pesky interest attached. So?
The essay explains:"Creating the majority of world's money on the basis of debt has... serious defects. The first is that it is almost inevitable that some countries will find themselves with severe debt problems... a spiral of borrowing is set up and... the debt burden increases in relation to national income until it eventually becomes insupportable and causes an economic and social breakdown."
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