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Oil Eras Twilight Drives Depression, Debt Crisis, Author Rifkin Says [View All]

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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-23-11 07:52 AM
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Oil Eras Twilight Drives Depression, Debt Crisis, Author Rifkin Says
By Catherine Hickley - Sep 22, 2011 7:00 PM ET

(Bloomberg) The world economy will face shocks and depressions, punctuated by ever-shorter and weaker recoveries, as long as it relies on outdated fossil fuels, says Jeremy Rifkin, author of The Third Industrial Revolution.

There will be cycles of growth, collapse, growth, collapse, every three years or so, he said in an interview in Berlin, where he was scheduled to speak on a panel about sustainable growth introduced by Chancellor Angela Merkel.

We are on the cusp of a major upheaval as the world switches to renewable energies and our power-distribution networks undergo a transition similar to that experienced by communications systems with the advent of the Internet, he said.

Until the third industrial revolution is in full swing, debt crises such as those plaguing the euro area will recur, Rifkin said. .............(more)

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