The financial stocks are melting down - trading like they are going out of business. Normally, that is when I would be buying. I would not touch this with a 10 foot pool, because I think many of them ARE going out of business, and that the shareholders in the surviving financial companies will be wiped out.
Further, if I am correct that millions of working folks have decided to go on a mortgage payment strike, don't worry about "Peak Oil". It will literally be TEOTWAWNI, though with a couple of positive hiccups here and there.
The effects on politics could hardly be more profound. As a hardcore libertarian, I look forward to the end of control of the political system by liberals and conservatives. This is the end of income redistribution (there won't be enough to worry about), the end of the pro choice/pro life debate (life will be dramtically more local, including local customs), the end of the infotainment culture (renting a movie will set you back $25 but your income won't rise a plug nikel), the end of high priced divorce lawyers (nothing to split, and people will NEED their families), not to mention the end your ability to spend ON CREDIT.
We will know soon enough: Peak Oil might have been beaten to the punch by Peak Credit.
Riots in Greece this month, sparked by the police shooting of a teenager, became tinged with economic dissension. A group of Kuwaiti equity traders marched on the emir’s office in October to demand the closing of the stock exchange to stem losses. Even in U.S. cities, civil disorder is “conceivable” if unemployment rises above 10 percent from November’s 6.7 percent, Bremmer says.