2022: Energy limits are likely to push the world economy into recession
Thanks to Saint Jimmy for recommending this article... 2022: Energy limits are likely to push the world economy into recession by Gail Tverberg In my view, there are three ways a growing economy can be sustained: With a growing supply of cheap-to-produce energy products, matched to the economy’s energy needs. With growing debt and other indirect promises of future goods and services, such as rising asset prices. With growing complexity, such as greater mechanization of processes and supply lines that extend around the world. All three of these approaches are reaching limits. The empty shelves some of us have been seeing recently are testimony to the fact that complexity is reaching a limit. And the growth in debt looks increasingly like a bubble that can easily be popped, perhaps by rising interest rates. In my view, the first item listed is critical at this time: Is the supply of cheap-to-produce energy products growing fast enough to keep the world economy operating and ...