Energy is the master resource. This extraction is from increasingly marginal prospects that will make it demanding to replicate the recent decades unprecedented economic growth which also was facilitated by accelerating amounts of debt (borrowing from the future). This happens while society’s ability to pay for costlier resources rapidly diminishes. In this context I also believe that our institutions, governments and individual expectations (e.g. pensions, retirement plans, and ideas of future consumption, etc.) are not likely to come to fruition. These expectations and promises are therefore likely to become subject for revisions to the downside, as the reality of poorer and costlier resources slowly (or possibly suddenly) becomes more apparent and understood.
Posted on: Sun, 11 Aug 2013 05:14:47 +0000
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