Interesting speech by economist Nate Hagens that makes it clearer why economic, debt and energy growth are unsustainable. The key slides are here if you want to download while you listen: utwente.nl/mb/cstm/education/short_courses/icrep_lustrum_2013/presentations/twente_Hagens_Final.pptx Interesting data: 1. almost all the fossil fuel energy we use today was formed between 200M and 400M years ago -- its almost meaningless to try to figure out how much we consume compared to how much new fossil energy is being consumed each year. 2. Since 2000 96% of all GDP growth has come from more consumption of primary energy, not from increases in productivity or efficiency or innovation. 3. Essentially now money is a claim on future natural resources and debt is a claim on future money, such that in the US now it takes creation of $14 of new debt (printing of currency) to produce $1 of GDP. Those holding the debt are in a bind -- they know it cant be repaid, but if they try to reduce their holdings theyll collapse the faith-based economy and their wealth, which is all paper and real estate, will evaporate. 4. Paradoxically when the economy collapses it will reduce energy consumption and produce a temporary energy surplus -- that no one can afford to buy and use. 5. Metabolically, we are each the equivalent of 30-ton primates. His what to do now list starting at 55 minutes in the video is nothing new and not very helpful (hes an economist). Q&A starts at 1hr10.
Posted on: Thu, 16 Oct 2014 03:27:35 +0000
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