Comment 39857

By LL (registered) - website | Posted April 15, 2010 at 21:31:06

It's interesting to see the predictions of the "peakniks" play out pretty accurately. As an early adopter of peak oil awareness (I made a presentation to council on it in 2003), I admit I feel pretty vindicated sometimes.

However, after reading quite a bit of economic analysis from the Left (Leo Panitch's stuff in Upping the Anti, Promissory Notes, some of David Harvey's stuff), I'm convinced that oil prices were not the root cause of the crisis, nor were bad finance practices - though these played a catylist role.

Real wages have been going down for years. Debt: what else do you expect. How can workers buy back all of the value that they create?

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