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Higher energy costs and a crisis of credit as a result of huge US debt levels will cause the US and global economies to contract in the near future. On this edition of the Reality Report, Nate Hagens of The Oil Drum discusses these stresses and possible implications for responses to peak oil. NEW: A transcript of this interview is now available.

In March 2007, the Cultural Economist Ron Cooke predicted a recession. Today he notes, "we are sinking into a credit crisis of very large dimensions."