Colin Campbell predicts credit crunch due to peak oil 2005

[bucketonamonkeyshead]

Australia just garanteed it's rare earth metals to Japan after China and now possibly India are refusing rare earth metal exports. REM are pivital for future advanced high tec and renewable industries, which will be the bridge out off peak oil. China is said to control 90% of world reserves. I do not know why USA has not been more proactive in this area.

[aceditor]

@bucketonamonkeyshead I have looked into rare earths.. There may be some short term problems, but actually they aren't rare at all. Look at Molycorp's plans and you'll see what I mean.

[Cally200233]

Spot on Mr Campbell. Pity no clueless Irish politicians are listening to you 

[Monetaryreforumadmin]

We need a resource based economy NOT a debt based economy.

billstillsmonetaryreforum

[bobbygnosis]

Whenever I see these videos it reminds me of zombie movies. I remember my room mate telling me that his parent's friends who went through WW2 said that they saw, in Europe, corpses on the road and that when you got close you'd see their buttocks chopped off. The idea being that when food supplies were short and mass starvation was happening they reverted to cannibalism to stay alive. Now imagine that on a planet-wide scale. That, to me, is the worst case scenario.

Let's hope for the best.

[human1554215465]

Im concerned as you are about the consequences of the collapse of the 'Normality' If all human could watch this video, Im sure it would help. It's pure Wisdom ! Its clear !

[Neoconjoe]

Prior to the beginning of the current recession, 6 of the previous 7 recessionary periods were preceded by spikes in the price of oil. There was a 30% run-up in the price of crude form August 07 until December when the recession officially began. By the end of December, oil cleared the $100 barrier. Prices doubled for the year 2007. I think we can say 7 of 8 recessions are now linked with high oil prices! Campbell is correct....

[aceditor]

97-2000 house prices rise because of a healthy economy. 2000-2004 low interest rates keep em rising. 2004-06 they keep rising because of ninja loans but interest rates more than triple because of the rising price of oil and food. People then can't make their payments due to the double whammy. 2006, the bubble bursts. Greenspan caused the first problem wth rate cuts, peak oil caused the second problem with inflation, it was then magnified by the leveraging and irresponsible lending.

[human1554215465]

At all. Let know to everybody this essential video. This is the key to a good undertanding of the crisis happening now.

[MyFreeCredit]

Entertaining to watch. Thanks for sharing.

[UnderseaCaveman]

They will make money "super-cheap" and this will bring on high-rates of decline......a swift and violent Industrial death, ok, not bad....rather than drawing it out to a painful "waterboarding session"

[Teratornis]

So how much money did Colin Campbell make by shorting stocks before the current meltdown?

The problem with these types of predictions is that they always come true (stock market declines have occurred as long as there have been stock markets), but to make any money off them you have to know when the next decline will occur.

[aceditor]

Dr Campbell is a geologist not a gambler... He didn't just predict a stock market decline but a banking crisis virtually identical to the one we are experiencing now.. High oil prices are absolutely responsible for the credit crisis, look at the work of Jeff Rubin at CIBC, many countries were in recession before the interbank rates jumped, precisely the 'change of mindset' described by Colin Campbell.

[ripatizzle]

Campbell wasn't talking about a stock market decline, but as stock market COLLAPSE. He did say we could face a depression worse than the Great depression of the 30's. He's not pulling this out of his ass either - he's just making sense of the knowledge and information he has about Peak Oil. He actually couldn't believe that the bankers were unable to see the obvious, as you can see in the video. The bankers probably knew it was coming, and got the stage set for a bailout from the government.

[lcyw20]

The world as we know it is coming to an end, and this guy is still worried about money.

The only way an economy can grow is to fuel it with resources--abundant resources we are running out of. This is the consensus of thousands of geologists around the world who have read the data.

[motina10]

@lcyw20

Debt is a resource. The total mismanagement of debt leads to the mismanagement of all other resources.

[lcyw20]

@motina10 Debt is a resource?! What can I use it for? Debt is created when something is borrowed, and must be returned. In response to my comment 2 years ago, I realise I hadn't quite understood the video when I typed it.

[4aSteadyStateEconomy]

@motina10, debt is just thin air. People keep equating abstract money with something tangible. They obsess over dollars and ignore the underpinnings. I can't trust financial advice from people who don't grasp geology.

[4aSteadyStateEconomy]

@Teratornis, this clip isn't about making money on stocks, it's about root causes that money-centric people keep ignoring. The physical world keeps people alive and they treat it as limitless while they play credit games.

[Rationalific]

I was wondering how many of the Peak Oil guys had predicted this. Here's another! I know that James Howard Kunstler had been predicting a stock market crash for some time, and so was Michael C. Ruppert.

These are the guys I'd listen to in the future, along with the Nostradamus-beating Jim Rogers. People like Peter Schiff have also been right on the money with regards to this, but Peter hasn't yet figured oil into the equation... Keep an eye on these guys to see what the future holds!

[ripatizzle]

Colin Campbell is the pioneer advocate of Peak Oil after Marion King Hubbert. He's been educating people on Peak Oil for well over a decade. Matthew Simmon is also a reputable Peak Oiler. Kunstler jumped on the PO bandwagon like many others after "seeing the light". Not a bad thing to do, but Kunstler and those guys are NOT from the oil industry. You're right that Peter Schiff is remarkably intelligent and a very smart investment, and yet clueless about Peak Oil and energy depletion issues.

[geir44]

Spot on, Collin. Unfortunately the taxpayers are forced to pay for the bad debt.........

[yogiudo]

thats BS.

They will just default, or print it up

[Bernd1964]

The relation between peak oil and the financial crisis is very clear to everyone who can connect the dots between oil and the value of money. World oil production reached its final plateau phase in May 2005. Since then the growing difference between supply and demand was mainly due to a growing demand for oil. When the terminal decline of global oil production starts around 2010 this gap will grow much faster, so the financial crisis will be accelerated around 2010 and will last for decades.

[aceditor]

Dr Campbell is a very clever man. But I don't think anyone believed that this was going to hit so soo. I think we all expected production to start to decline before the problems began. Colin Campbell's predictions for this have been in the 2008-2012 range.

[InnocentByproduct]

This is a great clip. And yet I have to ask: at what point in this 2005 interview does Dr. Campbell say it will happen in three years (2008)?

Is there perhaps more of the interview that got cut off?

Or did I miss when he said "three years"??