Bazz as you are aware I have doubts peak oil will be such a problem.
It, any big rise,will harm us and our economy.
But man can improvise and will.
Self interest in my belief, is all that stops us converting to new fuels sooner.
Of topic but some , more interested in the unrest leaving oil in the ground may bring, war, stand in the way of new fuels.
Economy can not forever let the very rich invest money they do not have and keep the profit.
I understand, to grow living standards we let credit grow too big too fast but it must be paid.
Not enough Gold exists to go back on the Gold standard.
But watch this space.
If my fears come true, in my view when, a plan will be put before us, we will have no choice, and a new world system will control lending even spending.
This world is not running on auto it is a ship at sea and that sea is about to get rough.

Well I understand Belly, many, if not most have difficulty in accepting
what is unacceptable and which will eventually stare them in the face.
It is a very common effect and physiologists have a word for it.
Already many poorer countries are having problems with the price of food.
These are just the early signs, and the lack of growth is starting to
show up as a real problem in many countries, not least Europe.
NSW, Victoria and Sth Aus seem to be in contraction so where did our
growth go ? If it wasn't for WA & QLD we would be the Ireland of the Pacific.
Trouble is that leaves us with major unemployment especially the young.

Bazz while we have not yet met I know you to be a very bright bloke who is owed a good deal by our hobby.
I however very firmly do not agree with your fears on peak oil.
I do fear the GFC, a disturbing beast that could bring us all to our knees at any minute.
You will be aware of ww2 gas bags on cars.
We know using ethanol, once seen as our savior, reduces food.
And we both understand USA and other country's using Corn and grains for fuel is pushing food prices up.
IF we went on a war footing tomorrow put fuel on rations, we could run city fleets on coal fired power via electricity.
At a pinch rail , intercity and state could be converted to electric.
enough fuels could be found to farm.
Bazz, this much is true, long ago international lending/borrowing, the very way we trade has become an impossible Ponzie scheme.
It must change or fall, I think first fall then change to a single system world wide.
Tomorrow, tonight on the other side of the world, a new discovery may be found a new cheap fuel, Mate nothing wrong with my ability to think, not hiding a mental deficiency I believe in matters of existence/profit self interest will save mankind.

When the OECD's International Energy Authority says that oil production
stopped increasing in 2006 and that we are on a bumpy plateau and that
we need to find two more Saudi Arabias by 2020 and then another two
by 2030 then Houston certainly has a problem.

Well Belly we shall have to agree to disagree.

Informed and interested posters have known for some time Greece has no choice it will default.
This will impact, but what if Spain, Portugal or/and Italy do too?
This is what faces those nations, debt over their gross national income.
What interest rates do they pay now?
What will they pay next year.
If an effort to pay those debts off is to be made at what level must the cuts be?
Say ten percent to pay debt and 7 to pay interest?
What will be the resulting slowdown to their economy's?
What ever it is it surely will further impact on the debt crisis.
Now us, if you owe just on your house loan, 6 years total income.
And you now pay 3 5ths of it ,your job gos, or interest rates rise 2 points how do you pay.
Some owe housing/car white goods furniture 15 years income, and still use credit cards!
We can not forever escape the retribution coming to some of us.

Thread has slowed but the problem grows.
We drifted away from debt a in Australia and homes.
But this mornings walk in the printed media cannot be ignored.
At the top end of the housing market Brisbane press talks about a Gold coast mansion not meeting its reserve,and of the vendors crying.
further that prices at that end are down about a third and in some cases that is millions of dollars and not selling.
London news said world monetary fund warns trouble ahead, Australian dollar races back toward parity.
What does it all mean.
Any one doubt it means trouble a head.
Or that the current world financial system is in danger/must change or fail.
Some will be broken forever by the impacts,some made forever.
What gos right down, may take 3 life times to come right back.
But those who buy in cash at the bottom will be made for life.