The first stages of decline may already have started. The Global - TopicsExpress

The first stages of decline may already have started. The Global Financial Crisis of 2007-08 and ongoing economic malaise may be a harbinger of the fallout from resource constraints. The pursuit of material wealth contributed to unsustainable levels of debt, with suddenly higher prices for food and oil contributing to defaults - and the GFC. The issue of peak oil is critical. Many independent researchers conclude that “easy” conventional oil production has already peaked. Even the conservative International Energy Agency has warned about peak oil. Peak oil could be the catalyst for global collapse. Some see new fossil fuel sources like shale oil, tar sands and coal seam gas as saviours, but the issue is how fast these resources can be extracted, for how long, and at what cost. If they soak up too much capital to extract the fallout would be widespread.

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