Drumbeat: August 24, 2012

theoildrum.com 24 Aug '12, 1pm

Drumbeat: August 24, 2012

Catskill, excellent point. I believe the current "growth problems" of the world economy is really the end of economic growth. Industrial civilization is still just a baby; yet people seem to think it has been thriving for a thousand years. A growth system is necessary for industrial civilization because of the credit needed to run it; in other words resources need to be allocated to the present discounting the future. I believe at present the global economy is near collapse. Bailouts are the only thing preventing massive bank runs in Europe and each bailout seems to last a shorter amount of time than the last. The credit creation mechanisms need credit worthy borrowers and they are getting harder to find at the end of the growth of the global oil supply. The amount of debt being taken on currently by industrialized countries in general is completely unsustainable. We must ...

Full article: http://www.theoildrum.com/node/9438

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