04 Jul '12, 2pm
Drumbeat: July 4, 2012
Posted by Leanan on July 4, 2012 - 11:54am Monbiot says he was wrong on peak oil but the crisis is undeniable In the run-up to credit crunch of 2007, whistleblowers were warning that an incumbency, the financial-services sector, had its asset assessment fundamentally wrong. The incumbency poured scorn on this, many of them professing that they had invented a new asset class – mortgage-backed securities and related complex derivatives – that represented an entirely new method of generating wealth. Today, rather more whistleblowers are saying that another incumbency, the oil and gas sector, has its asset assessment fundamentally wrong. The incumbency pours scorn on this, insisting that they have opened up another new asset class – unconventional oil and gas – and that it represents another unforeseen road to riches. Some go so far as to say that North America is en route to ...