Carlos Jimenez
Aug 27, 2017 · 1 min read

Excellent work on picking apart the predicament our industrial society finds itself in, Nafeez. To not quite so much surprise, reading well into many comments, there’s lots of cornucopia/cargo cult believers: the market will substitute, technology will find a way, blah blah blah. Neither the market nor technology IS energy. And the vaunted technology that gave us the extra 5 mn barrels a day to produce our current glut, that is, Fracking, was only possible as a result of malinvestment brought about by the Fed’s ZIRP. The frackers have not made a single red cent in all these years! It is a junk bond boom fueled by investors who will never see their moneys back, somewhere in the vicinity of $200 billion. The effects will be felt all ‘round the economy.

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