Even the International Energy Agency Forecasts Peak Oil

Just getting oil out of the ground soon will require an oilprice of $200 per barrel. This shurley will impact and restructure our world economy. Then add to this the fact all the world debt that now has reached historical proportions needs to be cleared (spells credit crunch) and you see the challenges we're facing. Printing money out of nothing gives you inflation and sure printing money in order to finance defecits, buying bonds may end up in possible hyperinflation. Clearing debt, reducing debt however gives you a credit crunch and deflation. Some on the iflationist side however argue we're not entering deflation but merely can anticipate a correction of a stock market and real estate buble and thus that's then a much needed correction of inflated bubbles in order to be able to get back to much sounder valuation based on reality and as such then that downward preassure on prices should not really be seen as real deflation. For sure when a credit cruch prevails then cash is king and sound cash flow earnings is more important than ever. Kinda impossible really to tell how and in what sequence this now is going to undfold and play out.

Even the International Energy Agency Forecasts Peak Oil
Of course that doesn’t mean the world is literally running out of oil, as the World Energy Outlook emphasizes with its forecast of ever-greater reliance on unconventional oil resources. But for these resources to become legitimate reserves, they have to be accessed at prices consumers can afford to pay. Yet even the IEA acknowledges that oil prices as high as $200 per barrel will be needed to make these resources economically viable in the future.
http://www.jeffrubinssmallerworld.com/2010/11/24/even-the-international-energy-agency-forecasts-peak-oil/

For some lending more, kickingt the can further down the road, getting deeper in debt is THE solution. One could argue what future generations may have to say about such an approach?

Austan Goolsbee: Hitting Debt Ceiling Would Be 'First Default In History Caused Purely By Insanity'
http://www.huffingtonpost.com/2011/01/02/austan-goolsbee-debt-ceiling_n_803307.html

Max Kaiser - US Dollar Likely to Lose 50% Value in Near Future
http://www.youtube.com/watch?v=5-3MMxEZGU8