The crisis in European finance | End of More: "European wealth, and now the lack of it, isn’t something that can be ‘fixed’; it’s because cheap energy has now become expensive energy. We can no longer afford to burn it to power our machines. That’s why jobs are vanishing and food costs are rising.
We called global industry ‘GDP’, when what we were doing was digging up fossil fuel and setting fire to it. The more we dug up and burned, the richer we got. The faster we burned it, well…wasn’t that a higher percentage growth?
Face it, there’s no more cheap energy to fire our economic system. The same applies to the USA and the rest of the developed world with ‘western’ style economies. Exceptions prove the point : Australia and Saudi Arabia have booming economies, and what do they have in common? They export energy. The UK boomed when it exported North Sea oil, now it’s in decline.
We were all promised utopia, but now the demand for infinite growth has hit the wall of finite resources."
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