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The economists all think that if you show up at the cashier's cage with enough currency, God will put more oil in ground.
The least-bad scenario is a hard landing, global recession worse than the 1930s. The worst-case borrows from the Four Horsemen of the Apocalypse: war, famine, pestilence and death.
Once supply begins to dwindle, the years to follow will see shortages that at best will cause global recession, possibly worse than the 1930s Great Depression, ... war, famine, pestilence and death.
In a sense, the fossil fuels are a onetime gift that lifted us up from subsistence agriculture and eventually should lead us to a future based on renewable resources.