Riding out this Depression on a Deflationary Debt Raft

http://www.youtube.com/watch?feature=player_embedded&v=iquemUNNYY8#!

Then regarding the question "what caused creditsm" Richard Duncan argues it was related to the first and second world wars as they left the gold standard and the goverments share of the overal economy was significantely increased via the creation of credit.

In the US the fact the US oil production peaked 1970 as predicted by Marion King Hubbert seems to correlate indeed very well with the timing of the well over 50 times increase in total market debt owed since before 1970 to today from one trillion to 53 trillion in only 43 years..

Q: If America’s oil production peaked in 1970 and has been declining ever since, how has America been able to feed its own growing demand?
A: Imports from foreign nations.
It is no secret that America is addicted to oil. Our nation’s appetite for oil has been steadily increasing over the last several decades. In 1970, the year of America’s peak oil production, we imported only 24% of our oil from foreign nations. Today, that number has increased to 70%. And it is growing. In fact, each and every day America consumes around 25% of the world’s available oil production. That’s about 18.8 million barrels a day! What makes this number even more staggering is that America only makes up 5% of the global population. This means that the remaining 95% of the world’s population must grow and maintain their economies with only 75% of the world’s oil supplies. Sadly, America’s dependency upon foreign oil has exposed our nation’s obsession with overconsumption. Never before in history has one nation been as dependent upon foreign nations for its own supply of energy as America is today.
http://www.youtube.com/watch?feature=player_embedded&v=iquemUNNYY8

Add to that a very different geopolitical areana as illustrated in the ever increasing political turmoil in the middle east after 1970 as the US domestic oil production peaked and the US has to make sure and secure its oil was imported to the country to an ever increasing extent from the region in the world with the largest oil supply - the middle east..

Now as everybody and everything in the economy, goverments, the private sector, housholds etc are totaly saturated in debt we have hit what only can be described as "Peak Credit. This means were now entering a new era we can define as "The End of Growt":

Part 1
http://www.youtube.com/watch?v=p_-uomh0iY0

Part 2
http://www.youtube.com/watch?v=QPYPX-57K3o&feature=relmfu

The End of Growth
http://www.amazon.ca/The-End-Growth-Jeff-Rubin/dp/030736089X

and here mr Rubins first book:

Why Your World Is About to Get a Whole Lot Smaller
http://www.amazon.ca/Your-World-About-Whole-Smaller/dp/0307357511/ref=pd_bxgy_b_img_b