Today, the situation is different

http://ourfiniteworld.com/2015/02/11/the-problem-of-debt-as-we-reach-oil-limits/

There has been much written about past debt bubbles and collapses. The situation we are facing today is different. In the past, the world economy was growing, even if a particular area was reaching limits, such as too much population relative to agricultural land. Even if a local area collapsed, the rest of the world could go on without them. Now, the world economy is much more networked, so a collapse in one area affects other areas as well. There is much more danger of a widespread collapse.

~ Gail Tverberg

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