Collapse of the economy, not just recession, is now very likely. To give just one possible cause,
in the U.S. the fracking industry is in deep trouble. It is not only that most
fracking companies have never achieved a free cash flow (made a profit)
since the fracking boom started in 2008, but that an already very weak and unprofitable oil industry cannot cope with
extremely low oil prices. The result will be the imminent collapse of the
industry. However, when the fracking industry collapses in the US, so will the American
economy – and by extension, probably, the rest of the world economy. To grasp a
second and far more serious threat it is vital to understand the phenomenon of ‘Global
Dimming’. Industrial activity not only produces greenhouse gases, but
emits also sulphur dioxide which converts to reflective sulphate aerosols in the
atmosphere. Sulphate aerosols act like little mirrors that reflect sunlight
back into space, cooling the atmosphere. But when economic activity stops, these
aerosols (unlike carbon dioxide) drop out of the atmosphere, adding perhaps as
much as 1° C to global average temperatures. This can happen in a very short period
time, and when it does mankind will be bereft of any means to mitigate the
furious onslaught of an out-of-control and merciless climate. The data and the unrelenting
dynamic of the viral pandemic paint bleak picture. As events unfold in the next few months, we may discover that it is too late to act, that our reign on this planet has, indeed, come to an abrupt end?
