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A mathematical impossiblility
It's not just the Western world that is finished. And it's not just financially. That's the least of it.
That guy is forgetting something.
All the key nonrenewable metallic and mineral resources are running out. The deposits being found are increasingly difficult to access due to hostile, remote locations and reduced quality. For example, new copper mines are strip mining ores that contain one pound of copper per 500 pounds of ore (0.2%). Good quality copper ore used to be considered having a concentration of TEN percent. So it takes more and more energy to make each pound of copper. (thanks, Chris Martenson)
The oil needed to provide the ever increasing amounts of energy needed to extract the other resources is also subject to the same constraints. In the good old days, the investment of the energy equivalent of one barrel of oil would return a payoff of 100 barrels of oil. Now, deepwater or tar sands projects return only about 3 barrels of oil for the energy investment of the equivalent of one barrel of oil. As the ratio approaches 1, there will be no point even drilling anymore. But wait, there's more! Most of the oil rigs in the world are past the end of their economic and useful lives, and the workforce of the global petroleum exploration community has been decimated. (see Matt Simmons)
So where will the resources to fuel the exponential growth of consumption in developing economies come from? Anyone who thinks that the current level of technological intensity can continue for more than another few years is delusional.
It's not just the Western world that is finished. And it's not just financially.
Recommended reading for all you financially sophisticated science illiterates out there;