Monday, 25 February 2013

Global energy crisis caused global financial crisis (report)

Perfect Storm: Energy, Finance and the End of Growth

Not for the faint-hearted, this report by respected analysts Tullett Prebon creates a direct link between the current crisis in the world economy and a crisis in energy. The economic growth of the last two hundred years has been based on the consumption of more and more energy, but as that energy becomes harder to obtain and more costly to use growth will inevitably slow, or even stop. In the short term the gap was plugged by growing levels of debt, but since the 2008 crisis this has become unsustainable, leaving the world facing an unprecedented economic crisis that certainly means an end to economic growth, and may mean the end of the economy as we know it.

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