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I think if we have a real energy crisis, _that_ would make 1929 look 'a walk in the park'. What would happen to computers, for a start?
by hhm 19y ago
I think if we have a real energy crisis, _that_ would make 1929 look 'a walk in the park'. What would happen to computers, for a start?
- kingkongrevenge 19y agoI don't think it's a coincidence that the financial system peaked out at roughly the same time global oil production peaked. We ARE in a real energy crisis. A big fraction of humanity in the poorer parts can no longer afford gasoline or heating oil. Oil has quintupled in recent years. The 1929 crisis was of purely financial origins. It was rather basically a cheap credit bubble. The bubble we're in now is both financial and a raw materials/energy crisis. These dynamically related forces may together put us in a very bad position. Oil, natural gas, fresh water, grains, fish, metals -- production of all these things are hitting physical limits and shooting up in price, progressively constraining economic opportunity.