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  •  we are seeing the end of the Industrial Revolution (2+ / 0-)
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    beach babe in fl, quagmiremonkey

    which began around 1760.

    It was an economic model predicated on two key assumptions: the availability of unlimited amounts of cheap fossil fuel energy, and the ability of the biosphere to absorb unlimited amounts of pollution and industrial waste products.

    Those assumptions were a reasonable approximation of reality until sometime during the 1970s. Then reality began increasingly diverging from those assumptions, until now they don't approximate reality at all.

    Hence that model is becoming increasingly unviable, and consequently the world economy based on that model is becoming increasingly unstable, requiring ever-more extreme measures to yield ever-diminishing returns.

    A two-hundred-fifty-year-old economic paradigm that dominates 90% of world economic activity does not die quietly or cleanly. The end of the Industrial Revolution and the transition to a post-industrial economic model will shake human civilization to its very foundations.

    "In America, the law is king." --Thomas Paine

    by limpidglass on Wed Apr 24, 2013 at 05:12:44 PM PDT

    [ Parent ]

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