LF02 Economic Collapse: Our Unsustainable System vs the Peak Oil & Decline

Our global economic system is dependent on a growing energy, and most importantly, oil supply.

Without growth in energy, the money supply can not grow (for long), which leads to a situation where the money supply stops growing, leading to economic recession.

When the USA hit its peak oil production in 1970, there were a series of economic impacts, including recession, abandoning the gold standand, high unemployment, and high inflation.

Global peak oil extraction appears to have happened in the 2005-2008 time frame, and had a large contributing effect on stressing the global economic system to the verge of collapse. The run up in gas gasoline prices during that same era impacted the economic system severely.

The US Government and many others have examined the global peak oil issue and have come to the sobering conclusion that severe economic impacts are inevitable, and we are unprepared.

Future oil prices may be driven up by the stagnant or declining supply, and then collapsing down as economic dislocation occurs.

This is the second part of a 30 minute talk by Aaron Wissner about our Local Future.

Category:

News & Politics

Tags:

• peakoil
• peak
• oil
• gas
• prices
• gasoline
• price
• depletion
• recession
• depression
• collapse
• economy
• financial
• energy
• crisis
• economic
• inflation
• deflation
• stagflation
• supply
• demand
• unemployment
• jobs
• future
• local

[Brainman94]

what is the master resource?

[newculture]

Oil is the master resource in specific, at least in the US economy and most of the industrial world.

More generally, energy is the master resource, whichever form or source of energy is critical for the stability of the economy in question for that community/culture.

[PeterSodhi]

Good video although the presentation would benefit from more emotional range in the delivery. Just some advice on how to present your great work even more powerfully. Good job.

[newculture]

Yes, you are undoubtedly right about that. My presentation style tends to be rather flat unless I'm focusing on it specifically. I'll try to keep that in mind for the next go. :-)

[aslomski]

Great video, one of the best

[newculture]

Thanks!

[jacopman]

we have no substitute for oil........nothing comes close to the value, energy concentration, convenience, portability, and versatility of oil............nothing....

and more and more nations that are oil producers are starting to mirror the US economic system...............as a result they are all heading towards net importers rather than net exporters of oil......

So where is the source going to come from as we have less to use and at the same time grow more societies thurst of it???

[JuanVoyce]

We are not a sustainable species.

[brradsullivan]

@cureworks .....no, personal transportation vehicles are unsustainable, no biofuel of any kind can support future needs, we need to remodel our cities to electric rapid public transit systems...but all this isnt going to come about for another 20years at least and by then new technology will provide a whole new menu of options

[cureworks]

Hemp biofuel is the answer. Grows up to 4 crops a year indoors and out. Does not require toxic chemicals to grow and just about any farmer can grow it.

[brradsullivan]

biofuel is not the answer, fuel crops take up too much space required for food production. the only viable types of power generation are solar, wind, geothermal, wave and tidal

[falldownhard]

I agree with Jeffc1320 - it's refereshing to see the topic of peak oil discussed without the drama. Thank you for this pragmatic and informative presentation - the speaker is easy to listen to. Unfortunately I firmly believe we're seeing the beginnings of the decline. I firmly believe the spike in oil prices last year was what ultimately tipped over a very wobbly financial sector. Now, oil prices spike higher along with any positive economic news. How can people still not get it.

[jeffc1320]

Nonsense. It's a much more compelling argument when you stick to facts and avoid hyperbole. You did quite well. Emotion is what the pro-free market nay-sayers will point to as some form of "agenda." It's what they do. These are the same kinds of people who still blame the entire global financial meltdown on nothing more than relaxed liberal lending practices. They're that dumb.