Economist Richard Duncan: Civilization May Not Survive ‘Death Spiral’

#peakoil Economist Richard Duncan: Civilization May Not Survive ‘Death Spiral’: Richard Duncan, formerly of the

Richard Duncan, formerly of the World Bank and chief economist at Blackhorse Asset Mgmt., says America’s $16 trillion federal debt has escalated into a “death spiral, “as he told CNBC. And it could result in a depression so severe that he doesn’t “think our civilization could survive it. ” And Duncan is not alone in warning that the U.S. economy may go into a “death spiral .” Since the recession, noted economists including Laurence Kotlikoff, a former member of President Reagan’s Council of Economic Advisers, have come to similar conclusions. Kotlikoff estimates the true fiscal gap is $211 trillion when unfunded entitlements like Social Security and Medicare are included. However, while the debt crisis numbers are well known to most Americans, the economy hasn’t suffered a major correction for almost 4 years. So the questions remain: Is the threat of collapse for real? And...

Full article: http://peakoil.com/consumption/economist-richard-duncan-c...