This is a hopeless collapse, in terms of the present system. No mere reform of this present system, will save the planet. The nearest event comparable to this, in all European civilization's experience, occurred in the 14th Century, with the general collapse, called a "New Dark Age," in which the entire system of Europe collapsed. The number of villages collapsed by one-half, the population of Europe collapsed by one-third, and it took several decades before even the beginning of civilization returned.

The crisis we have today, worldwide, is of a similar form: A great financial bubble, which has been growing at a great rate, while the rate of net physical production per capita, has been collapsing. This system is doomed in its present form. And there is no minor reform, there's no monetary reform that could save this system. We are headed for an absolute, total collapse of the planet, unless a change is made. There is no hope, for any remedy, within the framework of what's called a monetary system. But rather, as I shall emphasize here, the alternative is the establishment of a credit system, to replace the present monetary system.