Jeff Rubin has a message for all the economists and central bankers out there, waiting with bated breath for rock-bottom interest rates to kick the world economy into high gear: it’s not going to happen, and the sooner you realize that, the better.
As the straight-shooting former chief economist of CIBC World Markets argues in his new book, The End of Growth, triple-digit oil prices are here to stay -- a reality that will make it impossible for developed economies to return to the glory days of rapid expansion built on cheap credit and affordable fuel.
But as Rubin sees it, that’s not all bad news. Though he predicts permanently tepid growth will push Greece and Portugal into default, he also says it will reverse globalization, stop climate change in its tracks -- and put a limit on oil sands expansion.
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