"I expect that the world will need to develop an entirely new financial system to fix the 65-year debt bubble. Our current debt-based approach simply is not workable without long-term growth. But making such a transition will very difficult–perhaps impossible. Individual countries can perhaps each set up their own system, but trying to integrate them would seem to be very difficult. It is possible that at some point we may find ourselves without an operating international financial system. This is why I see the near-term outlook for the world financial system as very ominous. We have a seriously broken system, but no good way of fixing it."
Another great article by Gail Tverberg in the Energy Bulleting highlighting the link between the structural “end of growth” caused by high commodity prices and increasing resource scarcity and our global debt crisis.