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We cannot drill our way out of this oil crisis. Since 2000, oil companies working in the U.S. have doubled the number of wells drilled per year.

Although increased drilling has added new oil to the nation's supply, it has not done so fast enough to offset the terminal decline of existing fields.

We are going to have to import more of our oil. Period.

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Current Poll Results

Which type of economic crisis is the world likely to see in the next five years?

Inflation	54.82% (836)
Deflation	10.82% (165)
Unsure/it depends	5.38% (82)
Answer will be different in different countries.	24.00% (366)
No crisis. Things are fine.	4.98% (76)

Total Votes: 1525

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"Which type of economic crisis is the world likely to see in the next five years?" | Login/Create an Account | 12 comments

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Re: Which type of economic crisis is the world likely to see (Score: 1)
by alecifel (resident@olduvai.net) on Monday, March 24 @ 18:31:22 PDT
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I've said Inflation but it depends on what you're addressing. Rural real estate? Deflation. Consumer electronics? Salad shooters? Deflation. Wheat? Inflation. Buy copper and aluminum, they're heading up, too. In short, anything you need is going up and anything frivolous is going down. (Rural real estate isn't frivolous, but trailer parks and McMansions 35 miles from downtown are.)

Re: Which type of economic crisis is the world likely to see (Score: 1)
by Nano on Wednesday, March 26 @ 05:39:57 PDT
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Inflation. Why? Because destroying a currency and people's savings is the least painfull overall for a population, while investing in - and transitioning to - the needed post-PO economic infrastucture.

When things are on the right track in fi ve years, then the inflation will be addressed.

It's just like driving a boat. To make a fast turn, your raise the throttle, after the boat has turned, you can reduce the throttle again. Trying to turn a boat while it's idling doesn't work too well.

Re: Which type of economic crisis is the world likely to see (Score: 1)
by anarky321 on Wednesday, March 26 @ 13:23:20 PDT
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wheat isnt rising because of inflation its rising because of supply and demand, just like oil isnt "inflating" its going up in price because of tight supply and high demand

inflation is an increase in money supply and has nothing to do with high demand for food

the next 5 years are going to be deflationary

Re: Which type of economic crisis is the world likely to see (Score: 1)
by FoxV on Wednesday, March 26 @ 13:50:47 PDT
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Inflation has always been the path taken, even in societies on the gold standard
Rome reduced the size of its coins. Roosevelt confiscated everyone's gold at $20/oz and set the gold standard to $35/oz. At the end of the day, when push comes to shove, everyone inflates.

With today's Global electronic fiat monetary system, not only is inflation trivial to achieve, there is a big advantage to those that do it first

Re: Which type of economic crisis is the world likely to see (Score: 1)
by anarky321 on Wednesday, March 26 @ 20:04:52 PDT
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if inflation is so great and easy to pull off, why did the great depression lead to extreme deflation? we already had the FED, already were off the gold standard...

Re: Which type of economic crisis is the world likely to see (Score: 1)
by ECM on Wednesday, March 26 @ 21:29:52 PDT
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The deflationary period was from 1930 to 1933. The U.S. was still on the gold standard which was not changed until 1933 when 1 troy ounce was made equal to $35.

http://en.wikipedia.org/wiki/Deflation_(economics)#Major_deflations

http://en.wikipedia.org/wiki/United_States_dollar#Silver_and_gold_standards

Re: Which type of economic crisis is the world likely to see (Score: 1)
by heroineworshipper on Wednesday, March 26 @ 22:05:13 PDT
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All governments promote inflation because all humans are programmed to defer free will to leadership. Everyone is going to have monster inflation.

Re: Which type of economic crisis is the world likely to see (Score: 1)
by sjn on Thursday, March 27 @ 09:47:02 PDT
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Inflation leading to complete financial collapse. Then something else...

Re: Which type of economic crisis is the world likely to see (Score: 1)
by virgincrude on Friday, March 28 @ 06:53:17 PDT
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The type of economic crisis we'll see hitting next is the credit card crisis. And from what little I've seen about it so far, it's destined to be FAR worse than what we've seen up til now ...

Re: Which type of economic crisis is the world likely to see (Score: 1)
by patience on Saturday, April 05 @ 16:36:22 PDT
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I see rising prices in food, energy, and imports, but I think some of it is due to supply/demand, and some due to devaluing of the dollar. In the next 1-2 years, I expect inflation from efforts to bail out the financials, which could get to hyper levels. Eventually, I expect those efforts to fail, and leave a deflationary crash.

Re: Which type of economic crisis is the world likely to see (Score: 1)
by 0507 on Thursday, May 22 @ 10:54:57 PDT
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Anyone read that book by Robert Brenner "The Economics of Global Turbulance"? If not I'd highly reccomend it. He reckons that the economy requires a massive shakeout of surplus productive capacity and that it's been crying out for it since the late 1960s but governments have been deffering it through derugulation, moneterism etc. etc.

If he's right I guess that means massive deflation would be the eventual outcome...

http://www.amazon.com/Economics-Global-Turbulence-Robert-Brenner/dp/1859847307/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1211464031&sr=8-1

Re: Which type of economic crisis is the world likely to see (Score: 1)
by Ex_MislTech on Saturday, June 14 @ 18:42:56 PDT
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What we are about to see if a hybrid of things that have come in the past.

A merging of the Great Depresison and the
70's oil embargo.

We will see a large rise in prices of anything made or shipped with oil.

We will see commuting decrease, suburb
real estate prices will fall slowly in most
areas, faster in others.

We will see ppl growing gardens in their back
yards to help save money.

We will see a collapse of the tax base as the economy retracts massively.

We will see many large companies collapse or come close to it,
particularly automotive and commercial aircraft.

We will see a reduction in tourism and vacations.

We will see a reduction in the fast food industry.

You will see a increase at Walmart and other
discount stores.

You will see an increase in crime.

This will be different than other emergencies
and the longer it goes the worse it will get
barring some cheap alternative energy source
being brought online in short order.

The only companies I see poised to stop this
are Coskata partneering with GM, and
Valcent Technologies.

Coskata has a pilot Ethanol plant making
it for $1/gallon with no corn and can in fact
use waste material.

Valcent has a special algae strain that they
grow in vertical hydroponics to increase
surface area at a rate of 100,000 gallons
of bio oil per acre per year.

These are the 2 best candidates I see that
might prevent the coming disaster.