This is rather a long video of Jeff Rubin, the former Chief Economist of CIBC World Markets (Canadian Imperial Bank of Commerce). He is a very clever proven predictor of significant economic changes and well worth listening to. This does go on for a while so save it till later if you don’t have time, I can assure you it is a very good speech. May be hard to digest in places but I will no doubt address this issue frequently, of course please feel free to correct, challenge or to add to this thinking. He states that the recession was not caused by the sub-prime market but our ever increasing energy costs. Anyway evaluate for your self.
I am incredibly late with this report and you will probably find this has been circulating for months so my apologies. I guess it sticks in my mind as it keeps refreshing the floor of one of the many forums I’m a part of, which is one that deals with Climate change and Sustainability. So I am just curious as to why this has not been talked about more? Not even a Channel 4 documentary effort. Are we or we not running out of oil? Apparently not.
The future is about triple digit oil prices, which is the cost to get the oil out of the ground not the lack of it. We need to stay in recession as potentially we will not be able to replace the oil that we will consume in the next six years if that, so not the prime sub-market as we were led to believe was the causation. As he points out how can Japan have hit a deep recession before anywhere else? The OECD countries who signed up to the responsibility of the omissions in the atmosphere will soon become redundant of blame as the developing countries start to increase in their omissions. As the west is regulated, they will obviously move their business to the unregulated countries bloody obvious isn’t it look at ChiAmerica.
The global economy is questionable and I could see in time us starting to see a shift to keeping it to local economies. Bailing out the banks may be something we will see again but they are not the problems it’s the cost of energy. I don’t think Tax is the answer when has it ever been? Transportation is the biggest problem but can every country produce their own goods effectively? It really does run it home just how badly not just local but how world economies are run.
This is an ongoing discussion, I’m still trying to work out the possible implications.
Panacea