Colin Campbell takes a look at the upcoming transition of our societies to low-carbon energy systems. What are the tensions of transition? One is whether or not this tension will trigger a stock market crash. All the companies are overvalued, which is assuming business as usual in terms of energy. Does this spell a second Great Depression? There are a few ironies around the whole depletion area. Firstly that better technology actually accelerates depletion. Secondly that it is very hard to produce oil on a battlefield.
Peak oil will likely lead to reductions in trade and a return to regionalism, possibly to the end of the nation state. Will power return to the regions? We can already see local currencies beginning to emerge.