Reply #79: The big picture [View All]

[tama]

World energy consumption per capita peaked in 1979. Not surprisingly, purchasing power of consumers has been stagnant since 1979.

As growth based social model (capitalism as we know it) need growth to stay alive, the "growth" since 1979 has been mostly inflating this humongous financial debt bubble. Plus inflating numbers through creative accounting. And of course, exploiting the weak and other exploitables ever more "efficiently" (Greedily, cruelly).

So the social response to energy crisis, growth hitting the energy ceiling during the energy crisis of late 70' and early 80' was denial and deception (thatcherism, reaganomics etc. aka neoliberalism).

So now that the bubble that they inflated for a quarter century has bursted, the denial and deception are more forcefull than ever.

And that's why also Krugman, Obama etc. are wankers.