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It also tends to result in weak productivity growth, which IS a problem. Peak oil is not an energy crisis. It is a liquid fuel crisis.
I've not seen any good statistical evidence that the policy leads the drop in productivity growth, rather than vice versa.
- Jake Friends come and go. Enemies accumulate.
Floating exchange rate, independent central bank, central bank mandate including both inflation targeting and financial stability, and fiscal stimulus when you hit the zero lower bound, seems like a completely sufficient policy outfit. Peak oil is not an energy crisis. It is a liquid fuel crisis.
Which is hardly the case.
As Kjell Olof Feldt, social democratic minister of finance during the 80's in Sweden said: devaluation is like peeing your pants; first it feels good - then it doesn't. Peak oil is not an energy crisis. It is a liquid fuel crisis.
Of course, the entire society could, in principle, decide that they want to not work so hard and just import less instead. But why is that not an acceptable policy decision? Sucks to be a rentier under that policy, but fuck the rentiers.
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