These are very important questions, and the answers are of concern. Click on the title of this post to link to a .pdf that addresses this topic. What I can tell you is:
- With oil at $120 a barrel for a year, the world’s oil bill will be about 8% of world GDP.
That means any country growing at less than 8% (South Africa is growing at 3-5%) faces recession, and right now, that's virtually every country except China, and a small handful of others.
The implications of a worldwide recession?
Unemployment.
People unable to pay for their homes.
The middle class being wiped out.
Social unrest on a large scale.
Stock market collapses and the wiping out of money as a unit of value.
Starvation and all those things that follow from these.
Maybe it's time to start thinking about buying that bicycle.
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