“With the exception of wartime, the public finances in the majority of advanced industrial countries are in a worse state today than at any time since the industrial revolution,” Willem Buiter, Citigroup’s top economist, wrote in a recent report.
It has only been by the availability of virtually free energy that growth could be financed through debt expansion with nobody being the loser.
Peak oil is upon us right now, and its effects are as predicted by visionaries like Jim Kunstler even at a time when we are producing and consuming more oil than ever before.
Do we really want to change?
If we do, then the road is there and we all know what we have to do.
Consuming less, producing more.
When less could mean less electricity and more tomatoes in our gardens.
It is like a diet, you ate more than needed and now you have to lose weight.
Hard, but possible.
You just have to really want it.