I feel remiss amiss for not having addressed this important subject before. But I guess I’ll just leave it to Mr. Juggles at Long or Short Capital:
Time and time again, people say we are running out of 2007. These cries began as early as January; by July, some were even claiming that there was less 2007 remaining than the amount of 2007 which we have already consumed. They call this condition “Peak 2007″.
Time and time again, people say we are running out of something, but science always shows that all these chicken little cries are for naught, as profit incentive combine with human ingenuity to preempt any shortage or problem. We didn’t run out of food as feared in the 60’s and 70’s since technologies to improve crop yields were disseminated to the third world. At the turn of the 20th century experts forecast a dire shortage of coal. And 2007, we are not going to run out of you.
There’s more excellent analysis after that, so I would advise reading the whole post. We’ll find out tomorrow if the gloomy so-called experts or the magic of economic incentives will prevail.