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Why peak oil threatens the International Monetary System

Why peak oil threatens the International Monetary System | Sustain Our Earth | Scoop.it

The current incarnation of the International Monetary System, in which the USA enjoys the exorbitant privilege of borrowing practically for free, and is therefore able to pursue reckless fiscal policy with immunity from the adverse consequences that non-reserve currency issuing nations would experience by doing so, cannot continue indefinitely. Therefore, it will not continue indefinitely. How and when it will end is hard to say, especially considering the fact that it’s already persisted for 42 years after it stopped making sense. The system will continue to operate until some catalyst or trigger event brings about catastrophic change.

The next Peak Cheap Oil price spike is not the only possible catalyst to bring about a U.S. bond and currency crisis, but it’s the most likely candidate I’m aware of. I don’t believe that U.S. energy independence is possible, but if it were, the end of oil imports from the Middle East would also be the catalyst to end exorbitant privilege and bring about a U.S.bond and currency crisis. To summarize, the music hasn’t stopped quite yet, but when it does, this will end very, very badly. I’m pretty sure we’re on the last song, but I don’t know how long it has left to play.


Via Hans De Keulenaer
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Myth of Perpetual Growth Is Killing America - Wall Street Journal

Myth of Perpetual Growth Is Killing America - Wall Street Journal | Sustain Our Earth | Scoop.it
Economists are master illusionists who rely on a set of fictions, fantasies and forecasts that emanate from a core magical mantra of Perpetual Growth that goes untested year after year.

 

"Yes, everything you know about economics is wrong. Dead wrong. Everything. The conclusions of economists are based on a fiction that . . ."

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China has power, ambition and wealth but no strategy says new study - 05 - 2012 - News archive - News - News and media - Home

China has power, ambition and wealth but no strategy says new study - 05 - 2012 - News archive - News - News and media - Home | Sustain Our Earth | Scoop.it

As the world continues to experience the fallout from the 2008 financial crisis, it is increasingly turning towards China. The outsourced ‘workshop of the world’ has become the world’s great hope for growth, and the source of the capital the West’s indebted economies so desperately need. Simultaneously, and in the United States in particular, commentators and policymakers have increasingly voiced concerns that the economic clout of a communist superpower might pose a threat to the liberal world order. These contradictory impulses – China as opportunity and China as threat – demonstrate one clear truth, exhibited in the Obama administration’s much-trailed ‘Asian pivot’: that China is important.


Via James S Bown
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