I rather meant that if you keep whacking the economy with constant shocks and (more or less political) crises, there will be no business confidence. And if you refuse to contracyclically stimulate the economy in the short term, and instead want the market forces to resolve the problem via wage deflation, you need the good graces of the confidence fairy. And the fairy hates instability and unpredictability.

Peak oil is not an energy crisis. It is a liquid fuel crisis.