I always enjoy Randall Parker’s take on things over at Parapundit. He writes a lot of fine gloomy stuff about Peak Oil.
I missed this link of his from back in May, though. It’s to an article in the Energy Bulletin taking resource alarmism to the next level: Peak Everything!
After drinking deep from this well of pessimism, I thought I’d take a reality check, so I emailed my commodities guy — Tom over at Radio Free New Jersey. What did he think of the article?
Tom came back with an eminently sensible reply, quoted here with permission.
Scarcity is the final fact of life I think, but there are many more things that will affect commodity prices than Malthusian concerns. I don’t dispute this stuff. I don’t think anyone does. But technology keeps pushing out the drop dead date, and if we have another deflationary spike (be it default inspired, Chinese real estate bubble or whatever) it could be a very long time before this sort of thing becomes a first concern.
As an example, I don’t see Greek demand for steel shooting up anytime soon.