The global economy will fall into recession or worse in 2022, thanks to high energy prices. Yet, no one seems to have noticed.  High coal, oil, and natural gas prices will bring about a prolonged global recession, if not a depression. To put this in context, oil prices would have to rise by $225 per barrel to have the same economic impact alone as that of the combined fuel cost increases. Fossil fuel use will be much

US NFIB Small Business survey says General Business Conditions are recessionary (Page 2) Economic data are nearing recessionary as commodities appear to be breaking out (Page 4) “Energy is being used as a weapon, UK Defense Secretary warns” (Page 6) “Shale drillers may spend more, but don’t expect a production bonanza, even at $80 oil” (Page 8) “Putin defends cryptocurrencies amid global regulation push” (Page 10) “Biden to press climate change agenda on Wall Street”

From 1946-1971, the USD was pegged to gold, first at $35 and then $42/oz.  In August 1971, that peg broke. From 1979-2004, the USD was “pseudo-pegged” to oil between $15-30/barrel– when oil got to $15, the Fed cut rates; when oil neared $30, the Fed hiked rates. “Peak Cheap Oil, Part 1” combined with Chinese oil demand and the Fed being forced to loosen policy into a commodity spike by the worsening subprime crisis caused