that would be great!!!! no more debt for anyone. By everyone i mean citizens that are already in debt, not governments (they will never be out of dept 
).
The economy tanks, jobs are lost and less and less money will be spent. Oil demand will fall, only the necessities (foods, weed, alcohol
) will be bought because they are so expensive. Price of oil is $100 - $150 a barrel (anything higher doesn't make sense because demand has fallen). Everyone who is laid off searches for jobs but there are less and less because no one has money to buy anything, thus entire sectors (entertainment) are worthless (sorry no more movies-for now).
Enter ACTUAL 21st Century
. New jobs are formed in the renewable energy sector because it's the only thing that investors will invest any money in, besides helping to support the farming industry (and really efficient refrigerators and other appliances. 
yes i know, i can't believe it either). Huge numbers of people are trained to work in the new world like in the mid 1900s when machines were taking over (thank Kennedy-yep saved your life twice, one dealing with your job and then dealing with those damned cuban missiles). Except this will happen much faster because of major shifts in priorities. Beef and other meats will be too expensive to consume the quanitites that are consumed now, so we will see a major demand drop there. Major jobs grow in the organic food industry because it's cheaper now that pesticides are more expensive.
Scenario summary: growth will remain the prominent economic model, it's the priorities that will change due to the mainstream realization that we are on the right side of the curve. Many people will not die, they will just be forced to consume a lot less and take part in the job growth in the booming sectors. All this works because there is indeed a lot of oil left, and the priorities will shift when the right side of the curve is visible.
yes, i know... too good to be true (or is it). There are plenty of gaps to be filled. I'd like to make a chart of all the things that will lose value and all the things that will gain value.
yes, and then it's onto more unrealistic things like moving planets away from aging suns, although we do indeed have plenty of time to deal with that.
