See on Scoop.itThe Great Transition

“Society needs to realize growth does not equal prosperity”

Willy De Backer‘s insight:

James H. Kunstler makes the link between the end of cheap energy and our economic and financial crisis: "In particular expensive oil destroys the cost structures of banking and finance because not enough new wealth can be generated to repay previously accumulated debt, and new credit cannot be extended without a reasonable expectation that more new wealth will be generated to repay it. "

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