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Page added on November 19, 2011

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Colin Campbell predicts credit crunch due to peak oil in 2005

A frighteningly simple assessment of the worlds financial problems.



7 Comments on "Colin Campbell predicts credit crunch due to peak oil in 2005"

  1. Kenz300 on Sat, 19th Nov 2011 5:40 pm 

    The world economy was built on cheap energy. The era of cheap oil is over. The economy will find it hard to adjust to high energy prices. We will adjust. How painful it will be depends on how fast the prices rise and the supply declines. Everyone needs to adjust their energy use to the new reality. Individuals, business and countries need to develop a plan for greater energy self sufficiency. It is time to take out some energy risk insurance. Move closer to work. Buy a more fuel efficient vehicle. Plant a garden. Get that bicycle out of the garage more often. Use public transit more. Insulate your home. We all can make changes to our lives to be less reliant on energy. We may not have a choice in the future.

  2. Newfie on Sat, 19th Nov 2011 11:59 pm 

    We will “adjust” to more expensive oil by lowering our standard of living – involuntarily.

  3. BillT on Sun, 20th Nov 2011 2:09 am 

    Kenz and Newfie, you are correct. Our lifestyle is going to regress. If the US taxonomy holds together and there is no major wars, the regression may take decades. If the dollar collapses, or there is a major war, it may happen quickly.

    Few realize how necessary the banking system is to oil production and distribution. Suppose oil exporters started to take any currency or even natural resources in trade for oil. Ooops! That’s just what Saddam and Qaddafi did, and what did that get them?

    The US cannot allow that to happen, but, I think it will anyway, and soon.

  4. SOS on Sun, 20th Nov 2011 9:11 am 

    We have a lot of cheap energy in the form of natural gas.

  5. MikeB on Sun, 20th Nov 2011 11:53 am 

    The is a fine example of “observational selection”: Get enough people to make predictions and some of them will pan out. Numerous peak oil zealots have made just about every conceivable prediction there is, and this piece simply selects the one that happened to resemble what eventually happened.

    Why not print the misses as well as the hits?

    –Mike Ruppert’s prediction that the H1N1 epidemic was the beginning of “die-off” or his 2010 comment that the “cliff event” was at hand;

    –Matt Simmons’ prediction of 200 dollar oil by the end of 2010, or his prediction that the Gulf coast would have to be evacuated;

    –Robert Hirsch’s prediction of 500 dollar a barrel oil–and the subsequent slide to 35 dollars a barrel;

    –Heinberg’s prediction in End of Suburbia (2003) that in we don’t have five years before it’s too late (2008 has come and gone);

    –Kunstler’s prediction in the same propaganda film that people would be “growing kale on their front lawns” in suburbia;

    –Michael Greer’s prediction that everyone who currently survives through the use of medication will die;

    –Dmitry Orlov’s prediction that a catastrophic decline in oil production was at hand.

    How many false prophets have to fail before peak oil zealots realize they’re being scammed?

  6. Aceditor on Sun, 20th Nov 2011 11:51 pm 

    No one knows the future – but Colin talks much more sense than most other experts on both sides of the ‘debate’.

  7. Mike in Austin on Mon, 21st Nov 2011 11:46 pm 

    A wide range of predictions from Kunstler’s, ‘the sky is falling’ to Yergin’s, ‘what me worry?’ have been published. As it stands, we appear to be on the ‘bumpy plateau’ of oil production which has been flat for six yrs now. Good advise might be to ‘hope for the best, but plan for the worst’…

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