Review: The Crash Course: The Unsustainable Future Of Our Economy, Energy, and Environment

By John Atcheson
28 Apr 2012

The first thing to say about The Crash Course is that it is an impressive work of scholarship. It is reminiscent of Guns, Germs and Steel in terms of the scope and breadth of knowledge brought to bear by the author in support of his thesis – which is basically that we’re headed for hard times unlike anything humanity has seen. The second is that it contains a few fundamental flaws. The third is that you should read it anyway. His thesis is more than plausible; his research is meticulous; and no matter how much you think you know about sustainability, you will walk away from The Crash Course wiser, if sadder. Martenson is an intellectual omnivore. From peak oil to finance to economics, he bores deeply into his chosen topics – without being boring. His lens on the future centers on the three E’s: Economics, Energy and Environment, viewed through the remorseless calculus of exponential growth. Let’s look at each in turn, although it is important to understand that for Martenson, it is the confluence of forces between the three that make the future so challenging. We’ll start with his take on economics. For Martenson, exponentially increasing debt is the defining economic reality. And indeed, his characterization of where we are today, projected into the future, paints a picture of inevitable collapse. Compounding the debt conundrum is the fact that currency, which economists treat as if it were real, tangible wealth, is — as Martenson puts it — merely “… a claim on wealth.” In short, money is not wealth. Worse, it can grow indefinitely in a finite world. But if faith in currency erodes, then it can no longer serve as a surrogate for real wealth and the entire construct can — and will — collapse. And Martenson believes that exponentially exploding debt makes the crash inevitable. […]

A Book Review Of ‘The Crash Course’: The Unsustainable Future Of Our Economy, Energy and Environment