Yes, we're beyond the point of no return. One need only take a look at the price action of precious metals, of crude oil, or of energy stocks to see the patterns.
As has been previously pointed out, humankind has a short time horizon. Also, they refuse to believe that things can and will get worse. Finally, they're driven by the same fundamental urge as bacteria - i.e., to increase their numbers without limit.
So of course they'll hit the wall and hit it hard. When real privation and actual trouble strikes, the masses will howl for a quick solution. The politicians, in the fine tradition of Baghdad Bob, will pronounce that all is well, and that Grand Solutions (tm) are nearly at hand. If everyone will just stay the course, prosperity will soon return. Even then, no one will believe the fundamental truth implied by Peak Oil.
Later, after things start to get really bad - the die-off - people will start to believe. They will then squander the last resources available on the Final Grand Solution (tm), which is different from the old-style final solution in that the FGS will be mass suicide. The FGS will fail, and at that point, the actual crash will come. Civilization and culture will then, to a great extent, dissolve. After a century or more, things will stabilize and - perhaps - a less numerous humanity will look at the next steps.
As for me, the markets have been kind, and I expect to make even more. I and mine will, so far as possible, survive in as much comfort as possible. This marks me clearly as being part of the old, failed paradigm; but neither I, nor any who read this, will live to see the new.
It's going to be a bumpy ride. But perhaps I will yet win a place in Skadhi's halls.
