Thanks to Richard Heinberg of the Post Carbon Institute for this article from his Muse Letter.
Interview with Hervé Duval (www.voltairenet.org)
July 7, 2009
HD: We were told by most media that the origin of the financial crisis is to be found within the financial system. Is that satisfactory to you or, as you hinted with foresight in The Party’s Over, could the lack of confidence in future growth due to cheap oil production peaking also be a major factor?
RH: In 2008 we saw the biggest energy price spike ever. Historically, energy price spikes have always led to recessions. Therefore it would have been reasonable to expect a serious recession beginning around the first quarter of 2008. In fact, the recession began somewhat earlier and has proven to be deeper and more persistent than any other in recent decades. This is because a financial collapse had also become more or less inevitable due to the existence of multiple bubbles in the housing and finance sectors.
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