Our Finite World / Gail Tverberg / 26 September 2012
Governments and economists around the world have not figured out that what the world economy is suffering from, to varying degrees, is “high-priced fuel syndrome“.
High-priced fuel syndrome has a number of symptoms:
- Slow economic growth, or contraction
- People in discretionary industries laid off from work
- High unemployment rates
- Debt defaults (or huge government intervention to prevent debt defaults)
- Governments in increasingly poor financial condition
- Declining home and business property values
- Rising food prices
- Lower tolerance for immigrants
- Huge difficulty in funding retirement programs, programs for disabled, and regular pension plans
- Rising international tensions related to energy supply
