Chris Martenson used to be a corporate honcho with a big expensive house in the suburbs on the Connecticut coast. Now he’s downsized, is living in a rural community, has traded in his twin-engine fishing boat for a kayak – and travels the country giving lectures on why we’ll never see a “recovery” from our economic throes. What happened, and why?

In a speech before the Commonwealth Club in San Francisco, Martenson lays out the hard facts:

• There are 70 million more people on the surface of the planet this year than last year.
• Each of these new humans consumes some amount of resources such as food, oil, air, soil, water, copper, coal, or timber.
• Someday, perhaps already, maybe a little later, the global flow rate of oil coming out of the ground will peak and then decline inexorably thereafter.
• From 2000 to 2008, eight short years, the total amount of debt in this country doubled while no net jobs were created and median incomes actually went backwards.
• During the industrial revolution, humans have consumed vastly more energy each decade. During the lifetime of a 22-year-old, humans will have burned more than half of all the oil ever consumed throughout history.
• Oceanic fish stocks, ancient aquifers, and topsoil are all being depleted at unsustainable rates.

Martenson goes on to explore the implications of these realities. To summarize:

All these facts share a single common feature: they are tied to exponential growth in some way. There’s nothing inherently wrong with exponential growth, as long as you have unlimited room and unlimited resources. We live on a finite planet. Time runs out in a hurry towards the end of any exponential growth system, forcing hurried decisions and severely limiting options. And there are clear signs that several key resources on our planet are in their final minutes.

Just as higher prices for fish will not cause more cod to come from the depleted fisheries, oil fields will yield their treasures in accordance to geological limits and not because our economics textbooks say they should.

Adapting to a future of less and less oil will take decades of preparation – but we’ve not yet even begun. TIME is a critical factor. SCALE is an issue. And then there’s COST.

COST – now there’s the economic rub. Every dollar in circulation was loaned into existence, with interest. The effect of loaning all of our money into existence, with interest, is this: there is always more debt than money floating around in the system. Always. And the amount of debt will compound over time – that is, it will grow exponentially. To service the debts that are growing exponentially, the economy must also grow exponentially.

See the problem?

An energy crisis rooted in resource limits will quickly translate into an economic crisis unlike any other. Consequently,  the era of growth is ending and what Martenson calls “an exciting new chapter” is about to begin.

Why the optimism? Martenson sees our challenge as not to find vast new resources to exploit, but to undertake the far more sophisticated and worthwhile task of using what we’ve got more wisely. A life with less pollution, more free time, meaningful jobs, more happiness, less stress and greater connection to each other as well as to nature are all within the realm of the possible.

As Martenson says, the longer we fiddle around the more our options shrink. Let’s hope it’s not already too late.