Colin Campbell predicts credit crunch due to peak oil 2005

Is the banking crisis due to peak oil? Colin Campbell said this would happen 3 years ago...

Category:

News & Politics

Tags:

• Peak
• Oil
• Credit
• Crunch
• banking
• crisis

[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.

[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.

[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.

[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.

[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.

[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....

[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.

[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.

[motina10]

@lcyw20

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

[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

[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 !

[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.