There is no energy transition, no electrification, no green economy. There is no “next economy” waiting in the wings either. There is just one economy: this one. And when it falters—either due to mineral depletion and peak production, or ecological disaster, perhaps due to climate change, or in this case war—that will be it. The ultimate risk the US-Israel coalition ran by starting a war on Iran was not one temporary shortage, nor a recession, or an increase in geopolitical premiums. It was the risk of starting a highly uneven, cascading collapse of an integrated commercial world order into a drastically simplified, shrinking shadow of a once globalized economy.
open.substack.com/pub/thehones...