Here's why the shale oil story is not the "game changer" that the wishful claim it is: the price required to get it out of the ground (between $80-90 a barrel) will crush the US economy. Since prices are already in that range, the economy is already being crushed. The result is an economy in more-or-less permanent contraction. As demand for oil falls with declining economic activity the price of oil falls - below the level that makes it worthwhile to conduct expensive shale oil drilling and fracking operations.
Meanwhile, in the background, as economies contract and economic "growth" of the type our system requires no longer happens, the problems in finance and banking get a lot worse. This is largely because interest on borrowed money can no longer be paid back. Loans are defaulted on. As this happens, banks become insolvent. Governments play games with public money - including "money" they "create" out of thin air - to prop up the banks. None of it alters the sad fact that there is not enough real money in the system. The result of all these desperate monkeyshines is the impairment of capital formation. That is, the failure to accumulate new wealth. The lack of new wealth, along < .. >