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Debt Crisis, Peak Oil, & Hyperinflation

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    #2
    andrew
    Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 3,368 Mod ✭✭✭✭andrew


    I wouldn't put any store by what's said in those videos. It's basically just a clusterfuck of economic theories, speculation and assertions. He doesn't cite one piece of academic research, yet he's confidant enough to assert causal relationships between a huge number of different variables. For example, he asserts that high oil prices which result from increased demand cause recessions. While oil price shocks (in the 70's) may have caused that recession, he doesn't explain how/why endogenously determined increases in the price of oil would lead to a recession. That's just one example; lots of things he says don't make much sense, and to string them altogether into a theory which literally has doomsday as it's result is basically just fear mongering rubbish.


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    #3
    the_analyser
    Closed Accounts Posts: 5 ✭the_analyser


    it's a well known fact that high oil prices has an effect on gdp - the us department of energy know this.

    http://www.eia.doe.gov/oiaf/aeo/otheranalysis/aeo_2006analysispapers/efhop.html

    With regards to your endogenous comment, when you start to use up a non renewable resource, the price will go up. Simple.


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    #4
    andrew
    Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 3,368 Mod ✭✭✭✭andrew


    the_analyser wrote: »
    it's a well known fact that high oil prices has an effect on gdp - the us department of energy know this.

    http://www.eia.doe.gov/oiaf/aeo/otheranalysis/aeo_2006analysispapers/efhop.html

    With regards to your endogenous comment, when you start to use up a non renewable resource, the price will go up. Simple.

    I wasn't denying either of those things; both of those things are true. I'm just denying the validity of the conclusions drawn in the video with regards to the effects of an increase in the price of oil, amongst other things, in the absence of any actual citeable resource on the issue.


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