As the fast-growing economies of China and India push global demand for oil beyond production capacity, Americans will experience a permanent energy shortfall far worse than the one in the 1970s. The result will be severe financial hardship for most people, and once-in-a-lifetime opportunities for investors to become incredibly rich.
This is an urgent call-to-arms to avert an all-but-certain catastrophe and a survival kit for an era that offers us only two financial choices: poverty or wealth.
©2006 Dr. Stephen Leeb; (P)2006 Blackstone Audiobooks
The last chapter was the only chapter I really found interesting.
Since this book is a few years old, it is interesting to look back and see if what the author was predicting would be correct. Most of the time the author is wrong and completely miss judged the impact that unconventional and shale plays would have on the energy sector.
Many seem to feel that the author is being alarmist or playing "chicken little"... I thought it more like he proposed some of what COULD happen, if things don't change. And to say it's completely insane that OUR way of life could ever disappear is not only arrogant, but ignorant of history. Certainly the ancient Romans felt the same way... as did many other great societies. None of us is guaranteed a place in the future, it takes work and forethought and luck and... well, you get the idea. Anyway, i think the authors point is that, putting your head in the sand is the WORST thing you can do. Read with an open mind, maybe a grain of salt, and decide for yourself.
I love books!
Some interesting ideas. I'd like to try some of the investments but I need a bottomless pocketbook, which I don't have. Might be worth following however and if his predictions start to come true, be ready to use some of his ideas.
Interesting overall review of oil and energy, however I would do my own homework. In Leeb's Personal Finance newsletter, he was still recommending Worldcom, Utilicorp, and Williams Co. in December of 2001. WCOM Rec 56 Now 0, Utilicorp 36 now Aquila at 4.5, Williams at about 35 now 25 with near banrupcy at 1. So he is not as good of a Prognosticatior as he would lead you to believe. Leaves out a lot of data and slants the presented info.
I am the last thing from an alarmist but the recent upswing in oil prices as well as the seeming endless growth in demand and falls in production have had me a bit worried. After this book I feel that I have moved into a bit of a panic mode. I was expecting that the effects of higher oil prices would take decades to cause major problem but this book clearly points out that it will take only a few years! And it seems the evening news does nothing but reinforce that the conditions to cause this are real. I would encourage everyone to listen to this book then scream about it to everyone they know. It's balanced (non-political) and is well researched. Its premise is clear and undeniable! This book may well help you to protect yourself and you loved ones should its predictions come true.
While the book does give insight into how some things in the economy work, hindsight tells the tale. The book was published in '06. In it, the author said that a housing market bust wouldn't happen. 'Nuff said.
It seems slightly less relevant right now with gad prices so low, but there is still great info in this book, and I suspect it will still be proven true in the near future.
The book spends the first 90% going through doomsday scenarios. It recaps the fall of past civilizations and energy shortages to try and scare the reader into believing what they say will occur to the world economy when oil runs out. It preaches full economic collapse, sending the US back to villages where individuals farm for their own food.
Then, when it starts discussing investment it somehow changes to be not so doom and gloom, but rather the writer believes the stock market will function, all sizes of companies will still exist, and alternative energies are all available who can meet much of the demand. It seems the writer is trying to scare people into taking the problem seriously by telling the worst case scenario (oil runs out overnight). However they seem to agree it will be gradual and at worst a depression when you consider their investment advice.
What I take from this is yes: I think oil will increase in cost. But no, there won't be the economic collapse predicted. The investment advice is probably sound for when the oil does increase in cost. However, I doubt the returns mentioned will be realized, as I think the market will continue to develop alternative fuels the more expensive oil becomes. It won't occur overnight--or even in this decade as the book claims--and therefore returns will be spread over a longer period of time.
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