aspo-usa | “By our calculations it will require additional debt formation of $39
trillion over the next decade to keep petroleum production operating.
Where that funding will originate from, when it is very unlikely to
ever be repaid, will be of tantamount importance. It will take very
strong-willed societies to make such sacrifices. If those sacrifices
are not made, the integrated global production system will have
disappeared by 2026. 2016 will be witness to the beginning of this
event with dramatically increasing closures and bankruptcies throughout
the world’s petroleum industry.” The Hill’s Group — “an association of
consulting petroleum engineers and professional project managers”
In 2014, according to the CIA's World Factbook, the GWP [the sum of all Gross Domestic Products in the world] totalled approximately US$107.5 trillion in terms of purchasing power parity (PPP), and around US$78.28 trillion in nominal terms. Which means $39 Trillion over a 10 year period would be a huge fraction of GWP. And all the more huge if I'm right that the next leg down in the Greatest-Ever Depression will be much worse - and much longer-lived -
than the first leg was (the so-called Great Recession).
In 2014, according to the CIA's World Factbook, the GWP [the sum of all Gross Domestic Products in the world] totalled approximately US$107.5 trillion in terms of purchasing power parity (PPP), and around US$78.28 trillion in nominal terms. Which means $39 Trillion over a 10 year period would be a huge fraction of GWP. And all the more huge if I'm right that the next leg down in the Greatest-Ever Depression will be much worse - and much longer-lived -
than the first leg was (the so-called Great Recession).
