I think this is the beginnings of an economy based on perpetual growth and fossil fuel energy running headlong into geological energy constraints. Basically I see an undulatory downward path for the rest of my life. From here out, I think any rallies in our economic condition are going to be met with spiking commodity prices that knock us right back down.
This assumes that historic depletion rates will occur like in the lower 48 US.
Many, (myself included), think that is unlikely because of MRE.
Think 10% +
MRE = ?Muy Rapido Extraccion?
Maximum Recovery Extraction _________________ "When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours." - Stephen F Roberts.
That Oh Man! report is even creepier if you look at the 10-year. The depletion is fast enough that they are not even putting out what there were in 95.
This is not to belittle the problem – economic failure is just how the problem will be expressed.
Not necessarily. We might wind up in a big war over the remaining scraps. That's demand destruction in a literal sense. We could see a pandemic brought on by declining health conditions kill millions, also reducing demand (more so if it affects industrialized countries). I don't disagree with the line of thinking described in this thread, I just do not think it is the only route.
War is NOT good for the economy hence it will advance the economic failure for the sections of the economy not profiting from the war. Also, expect the war to create more terrorist that are willing to kill themselves to kill lots of Americans.
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