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At this juncture, the real fundamental problems are the end of the eras of cheap energy, debt based growth and globalization. Cheap energy and debt based growth allowed the world, particularly the developed variety, to live beyond its means for quite some time and compensate for the negative effects of globalization and expensive energy in the process as it was an inherently negative period for those at the top hence all the data on declining earned income and debt. For the rest the dramatically increased trade flows wrought by globalization initially lifted 100’s of millions of people out of poverty and hunger worldwide proving a boon, by and large, to those at the bottom. Add the end of the cheap conventional energy age as robotics and automation really begins to hit its stride and you have an environment that is ripe for extremism and radical change. Let’s hope that we can do something positive with it, as we desperately need a new dominant paradigm.


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