Financial crisis or raw material crisis?

Our societies are dependent on fossil fuels in order to operate. No other fuel is so concentrated in energy than crude oil derivative products. The reigning consumption-oriented societies rest on one much important condition - access to cheap and high energy fuels. Fact is that between 2004-2007 an oil barrel rose from 35 dollar to 70 dollar - a doubling of price. The reason is that the global oil production levels have been stable since 2004, despite increasing global demand. Interestingly, year 2008 the oil price was doubled once again. This led to much important and coupled concequences. Doubling of the oil price over the two-year course led to higher fuel and food prices leading to an inflation kickstart, which in turn forced the American Central Bank to increase the interest rate, amongst one concequence being higher housing mortgages, freezed downpayments from borrowers and freezed house loans from banks, etc, etc.

Alarmingly, the strategy utilized world-wide to bring economies back on track (apart of using state tax money as stimulation packages leading to a degration of public sector welfare) is through increased consumption and continued growth. An economical governance demanding accelerated access to cheap and high-energy fuels. Not to mention climate change with all of its direct and indirect consequences.

It goes without saying that when the global economy again rises, it will again hit the same energy boundaries that initiated the crisis it was supposed to revive from.

Dead end. Try alternative route.

Monopoly in thinking among national economists

People are getting tired of consuming. Something new is starting to form that is based on a longing for higher quality of life, more spare time and engagement in social/cultural or other creative activities. However, it seems, unfortunately that it will take some more time for important decision makers to understand the unsustainable essence of the prevailing economical system. Economic growth is a similarily unquestioned concept/dogma as the 15th century notion that the planet was flat. Economic growth is, today, the overall answer to most problems; poverty, inequality, unemployment and most frequently how to boost the economy so that higher competitive can be gained. It is used throughout the world, in practically every political instance. One fundamental cause of neoliberalism being the forefront political ideology worldwide (together with all of its problems, mishaps, environmental and social consequences) is the fact that students graduating with grades of national economical is indoctrinated in the same, old-fashioned, extremely narrow and simplistic framework: neoclassical economical theory.

It goes without saying that this will need to be questioned. In editorials, in political arenas, debates of all sorts and furthermore to spread the insight that we need another way of organising our economical system. And good news is, sustainable solutions already exist.

Localisation, down-sizing, democratical participation, ecological economics, social methods of sharing labour and resources, promoting all sorts of cultural activities for the benefit of citizens - a pluralistic economical framework should be what we need.