In case you missed it, a couple of weeks back the International Energy Agency in Paris got around to disclosing that the all-time peak of global conventional oil production occurred back in 2006. Despite that fact that this declaration was tantamount to announcing the end of the 250-year-old industrial age, few in the mainstream media noted the event and it was left to obscure corners of cyber space to ponder the meaning of it all.
It is also worth noting that oil is back in the vicinity of $90 a barrel and even Wall Street economists, who are paid to be eternally optimistic, are starting to talk about oil going for$110-120 a barrel in the next year or so.
In the meantime, the talking heads, pundits and even hard-headed reporters chatter on about the slow but persistent economic recovery that is supposed to be taking place. As the effects of last year's near-trillion dollar stimulus start to be felt, every statistical twitch upward is hailed as proof that normalcy will soon return. Realists, however, call this twitching "bottom-bouncing" and are convinced that far worse is yet to come. More >>>
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