All down to energy
specifically cheap surplus energy. The amount of energy you can buy with the money you have defines your lifestyle:
as a rough guide, in 1972 $1 bought 42000Btu’s of energy
Now $1 buys you 6000Btu’s of energy
(food — cars — housing — all have Btus locked into them)
One seventh as much. Now, you can’t run seven times faster than you did in 1972, so you lose your standard of living — -or — — you borrow money to pretend life is going on as it always has. Which of course is what millions are forced to do.
Only it isn’t — -that one seventh differential means you can never ever catch up.
That differential explains why your standard of living remains flat. The surplus energy (mainly contained in oil coal and gas) is what sustained the lifestyle of western society. We still have our oil coal and gas, but those fuels now cost more to get hold of than they did in 1972, so there’s less to spread around to give you an easy living.
Remember that when cheap oil was sucked out of Texas, it wasn’t necessary to pay $trillions to defend it in Saudi or Iraq. Yet we still expect fuels to be as cheap as they always were.
Sure — -there’s still very rich people, and they can’t feel the tightening. Yet. But it’s there for everybody. The poor just feel it first, the extreme poor get tossed out on the street and stop eating
Depends where you are on the food chain. Food is energy. No more cheap energy — -no more cheap food. People start to starve. Really easy to understand when the hysteria dies down
Politics wont bring back cheap oil again, they pretend they will — -cheap oil forever — -MAGA and all that nonsense. Isn’t going to happen.
There’s no conspiracy — -we just burned all the cheap oil, the party really is over this time