Sorry, don’t agree. Oil prices were a key factor.

High

energy prices didn’t start in 2007. Richard Branson first complained about oil prices killing profits at $25/barrel.

Oil prices bounced

around $25/ barrel for 20 years,
1998 oil bottomed at $10,
$50 in 2005,
$70 in 2005,
and went on rising to $147.
Oil exports

from N Sea and Alaska declined from 2000 on, a significant cut. Oil prices were killing growth from 2002. High US nat gas prices were killing

growth from 2000.

$70 barrel oil = death to airlines, GM and US style motoring.

Debt ridden consumers, banks, other companies and

nations were due for a crisis of debt, it would have happened anyway. High oil prices reduce real work and cuts profits in the economy. With less

profit paying off debts was bound to get harder. The effects of oil prices are also global in action. You cannot hedge them except by buying

energy. They affect every corner of our oil-junkie ecomomy. We cannot move without the darned stuff.

Until we go renewable real economic

growth is over. The comimg renewable energy ecomony will be tiny in comparison, plenty of jobs though. More manual work I expect.

We cannot

create imaginary money and do real work with it, thats a perpetual motion machine.

before the banks started collapsing. All banks will collapse if economic activity declines. In our credit money system debt is always greater

than savings. High debt levels mean faster and deeper collapse.

Peak oil and gas means recession will the norm for the forseeable future. A

renewable energy economy is desirable and inevitable , but it is far away and will be smaller. Any future economic growth recovery will hit a wall

of high oil prices. We need to learn to live with permanent recession.