Kunstler’s calamities

Posted by on Jan 2, 2013 | 0 comments

If James Howard Kunstler’s predictions for 2013 (warning: salty-language) turn out to be right, we are going to need lots of resilient design to cope with the impacts. The peak-oil prophet lays out his case for calamities that include a market crash to Dow 4000, massive US gasoline shortages, continued Midwest drought, and for good measure, a major West Coast earthquake. What will bring most of this about, says Kunstler, is a massive debt collapse: “The debt mountains in the USA and elsewhere far overshadow the equity and commodity market molehills, and unpaid debt will eventually overcome all the forces of untruth. Debt is a subsidiary of the force known as reality. Its will cannot be denied, even by Goldman Sachs, JP Morgan, the US Treasury, and the Federal Open Markets Committee. And the unwinding of unpaid debt, honestly acknowledged or not, will thunder through the system sucking wealth out of advanced societies so efficiently that it will make the Seven Plagues of the Bible look like a flat tire on a sunny day.”

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