i call it vindication

"the widespread acknowledgment by market participants ( and governments) that peak oil is upon us, coupled with an understanding of its consequences, is likely to crash the global financial system. initially, just a few market participants will begin to question their faith in the overall stability and continued growth of the system and thus the likely value of their virtual assets. however, the transition can be very rapid from a few market participants accepting the idea that the system could break down permanently, to large-scale acceptance. a fear-driven, positive feedback conversion of a mountain of paper virtual assets into a mole-hill of resilient real assets could develop. this would help precipitate an irreversible collapse of the financial and economic system."

david korowicz. "on the cusp of collapse: complexity, energy, and the globalized economy."

"the economic crisis that began in 2007-2008 was both foreseeable and inevitable, and it marks a permanent, fundamental break from past decades-a period during which most economists adopted the unrealistic view that perpetual economic growth is necessary and also possible to achieve. there are now fundamental barriers to ongoing economic expansion, and the world is colliding with those barriers...from now on only relative growth is possible; the global economy is playing a zero sum game with and ever-shrinking pot to be divided among the winners."
richard heinberg. "the end of growth"

"most imperial falls are associated with fiscal crisis."
naill ferguson.

the dow pukes up 512.76 points as it implodes in a frenzy of fear and greed...that's over 700 points in three days time...the pundits are calling it a "correction" but the volatility that the market is showing could just be the spread of that doubt about the end of sustained growth that korowicz and heinberg are talking about...richard heinberg points out that there may still be room for periods of economic growth in the future, but the degradation of the climate combined with the growing scarcity of high quality energy doom economies to a downward trend..".people who are paying attention" is what the post-carbon institute calls those who subscribe to this idea and are searching for ways to ease the transition to a new earth..i am inclined to agree for the most part...natural economies are sustainable but not perpetual motion machines...you don't get out more than you put in...all the quantitative easing you can stand isn't going to fix this...there is no-one outside the global economy to buttress it with infusions of hard currency...all this may be beginning to dawn on the patsies play by the economists and wall street barons..click over to the garden blog if you want to see an attempt at a response to all this...catch it while the infrastructure holds out and pick up a copy of "the post carbon reader" "fleeing vesuvius" and "the end of growth" and while your at it you might want to read up on what john stuart mill had to say about a stationary economy in the mid nineteenth century...john's ideas time may have come.