Kunstler--Scale Implosion: After Ruining America, the Era of Giant Chain Stores Is Over

[Spider Jerusalem]

40. 1) probably, yes

permanent contraction or at least the end of growth; resource and energy constraints will see to that. Energy constraints were the primary driver of the 2008 collapse; conventional crude oil production peaked in 2005, has been on a plateau since. Oil prices increased up to $147 a barrel at their peak, thanks to lack of spare capacity and rising demand from developing economies. Ballooning fuel costs in the USA fed into the subprime collapse as the working poor who took out those risky loans found themselves faced with the choice between putting gas in the tank and paying the mortgage. Things evened out a little thanks ironically to the economic crisis which led to demand destruction; if and when growth picks up and returns to 2006-2007 era levels worldwide? You can pretty much count on the same thing happening all over again.