Author: Chris Martenson
Oil discoveries peaked in 1964
• New oil discoveries have been outpaced by oil consumption by nearly 4 to 1 each year
• Known deposits of several critical minerals will be completely exhausted within 20 years, assuming the energy is there to extract them. Others will peak all on their own soon thereafter, and even sooner if Peak Oil limits our ability to obtain them.
• New ore deposits are getting harder to find, more remote, deeper down, more dilute, and/or all of the above.
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The next twenty years will be completely unlike the last twenty years.
The world is in economic crisis, and there are no easy fixes to our predicament. Unsustainable trends in the economy, energy, and the environment have finally caught up with us and are converging on a very narrow window of time—the “Twenty-Teens.”
Our money system places impossible demands upon a finite world. Exponentially rising levels of debt, based on assumptions of future economic growth to fund repayment, will shudder to a halt and then reverse. Unfortunately, our financial system does not operate in reverse. The consequences of massive deleveraging will be severe.
Oil is essential for economic growth. The reality of dwindling oil supplies is now internationally recognized, yet virtually no developed nations have a Plan B. The economic risks to individuals, companies, and countries are varied and enormous. Best-case, living standards will drop steadily worldwide. Worst-case, systemic financial crises will toss the world into jarring chaos.