"Four factors bringing down the curtain on global growth": Tullett Prebon.

FT alphaville posts a very thought-provoking Tullet Prebon report. “Perfect Storm: Energy, finance and the end of growth.” Tullett Prebon is one of the largest inter-dealer money brokers in the world: a company listed on the London Stock Exchange. And it’s Global Head of Research concludes? Four factors are bringing down the curtain on growth: the fall-out from the biggest debt bubble in history; a disastrous experiment with globalisation; the massaging of data to the point where economic trends are obscured; and, most important of all, the approach of an energy-returns cliff-edge. “The economy is a surplus energy equation, not a monetary one, and growth in output (and in the global population) since the Industrial Revolution has resulted from the harnessing of ever-greater quantities of energy. But the critical relationship between energy production and the energy cost of extraction is now deteriorating so rapidly that the economy as we have known it for more than two centuries is beginning to unravel.”