The Crocodiles of Reality | John Michael Greer
March 12, 2014 (Archdruid Report) -- I've suggested in several previous posts that the peak oil debate may be approaching a turning point -- one of those shifts in the collective conversation in which topics that have been shut out for years or decades finally succeed in crashing the party, and other topics that have gotten more than their quota of attention during that time get put out to pasture or sent to the glue factory.
Id like to talk for a moment about some of the reasons I think thats about to happen, and in the process, give a name to one of the common but generally unmentionable features of contemporary economic life.
crocs1We can begin with the fracking bubble, that misbegotten brat fathered by Wall Streets love of Ponzi schemes on Main Streets stark terror of facing up to the end of the age of cheap abundant energy. That bubble has at least two significant functions in todays world.
The first function, as discussed in these essays already, is to fill an otherwise vacant niche in the string of giddy speculative delusions that began with the stock market boom and bust of 1987 and is still going strong today. As with previous examples, the promoters of the fracking bubble dangled the prospect of what used to be normal returns on investment in front of the eager and clueless investors with which America seems to be so richly stocked these days. These then leapt at the bait, and handed their money over to the tender mercies of the same Wall Street investment firms who gave us Pets.com and zero-doc mortgages.
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