All the more so because the lack of confidence in future economic growth which has driven markets over the last few years is not only entirely justified, but well overdue,

You're conflating nominal and real growth here.

Nothing about resource constraints says that you can't have nominal growth, which is all you need for financial stability. Well, nominal growth and a properly functioning central bank.

Banks don't care about real growth. They care about getting their money back. Which means nominal growth.

High energy costs, and high uncertainty on future energy costs, are a brake on productive investment - this is quite rational

Not necessarily. "Productive investment" includes investments that make energy cheaper (like insulating houses and building wind farms), which in any rational world should be encouraged in the face of expensive energy.

- Jake

Friends come and go. Enemies accumulate.