Aside from the housing debacle, the last recession was triggered by high oil prices. Once it seemed we were recovering, oil prices shot up again. So we're going into another recession.
I think what will happen is that we'll reach a steady-state of permanent poor economic performance that will keep oil prices from going beyond moderately high. The consistently somewhat-high oil prices will increase development of alternative sources of energy. We will not see good times again until those alternatives suffice to keep the price of oil low -- or until oil becomes a small enough part of our energy portfolio that high oil prices no longer bother us.
Btw, I don't think reurbanization and tiny cars will suffice. It's the impact of oil prices on food prices that hurts our budget far more than the cost of gasoline for our own vehicles.l
I strongly agree with the points mentioned by Frank on having an alternate sources of Energy. Be it through wind, bio degraded fuels, nuclear etc.., Every country should be provided enough funds for building one such by UN.
The more we are dependant on these fossil fuels, we will be witnessing the financial ups and downs in a very frequent manner.
Well if it happens, I at least now have a job, reserves in the bank, and no more alimony to pay...
But I think this present crises is more local. Local Euro crises in the EU. I really want to go back in time and plead to keep the Dutch guilder ten years ago... Don't do it, don't do it!!! Oh, but on holiday now we do not have to change currency, yes that really counterbalances it...
And the USA actually never really recovered from 2008, is still in crises, and has had too much depths since half a century.
Jan de Boer wrote:Side question. And may-be this should be in job discussion. But do you actually work harder now?
I do. The threat makes me look at opportunities in work and schooling to better myself, even more then normal. Better be prepared if it happens.
It's been my experience that most of the times, you dont play the game, the game plays you.
The best thing I like about scouts is their motto. Be Prepared! That's all you can really do.