One week after IMF economist Michael Kumhof attracted attention with his remarkable ideas on debt and money creation in the working paper "The Chicago Plan Revisited", here he is again with another remarkable study, on peak oil this time. One scenario in his modelling predicts an 800 percent increase in oil prices in two decades. Anyone for more doom-and-gloom?
Is the IMF becoming revolutionary? And will the media and policymakers read and understand the implications of these excellent papers? I guess now the Queen will not have to ask questions why nobody warned of this clear and present danger.