The bumpy road ahead for the world economy
Thanks to Saint Jimmy (Russian American) for recommending this article... The bumpy road ahead for the world economy by Gail Tverberg In the post-World War II era, the US has been known for its hegemony–in other words, its leadership role in the world economy. According to one definition , hegemony is the political, economic, and military predominance of one state over other states. I believe that the US is not far from losing its hegemony. The conflict over future hegemony could lead to a major war. Hegemony is surprisingly closely tied to leadership in energy consumption. A country with a high share of the world’s energy consumption doesn’t have to depend on imported goods and services from around the world. It can manufacture weapons of war, if it chooses, in as large quantities as it chooses, without waiting for outside suppliers. One part of today’s problem is the fact that the world’s fossil fuel supply, particularly oil, is becoming depleted. Extraction is not rising suffici