Obviously, not everything is a Ponzi scheme but the point the article is making is totally valid. Any child can understand that you cannot grow indefinitely in a confined space, even if that space is the Earth and even if the value measured is quality. The measure of quality is appreciation and we only have a limited amount of time on our hands.
I wonder why so few people think about the following line of reasoning:
1. Our current economy is based on money as a medium of exchange to function (separation of labor -> good)
2. Therefore, money is a universal medium of exchange and acquires a value separate from the exchange value: liquidity, the possibility to exchange it for anything else (see Keynes et.al) -> unintended but ok
3. As a consequence, our current money relies on a positive rate of interest to circulate. Whenever the interest rate gets too close to zero, money holders will not give up their privilege of liquidity and not lend out their money (bad!)
4. As a result, the economy collapses - simply because the medium of exchange stops circulating. In the end, the government has to print new money to replace the money not being spent/lent, leading to inflation. Alternatively, the state has to make new debts or fund dying industries only to keep interest rates positive... (very bad!)
This reasoning does not depend on any technology or production-based argument because every human undertaking these days is based on beating the rate of interest. Even if you only invest your own money, you have to factor in the interest you might have gotten at the bank.
There's a really simple fix to it: motivate money holders to part with their money even without interest. You would get an economy that can grow when it needs to but can contract as well without collapsing.
Even though it seems god-given, money itself is actually pretty hackable. If you're interested, one interesting proposal is here: http://userpage.fu-berlin.de/~roehrigw/suhr/nngengl.html