Stiglitz has a fantasy

We should realize that the resources in our economy... today is the same is at was five years ago. We have the same human capital, the same physical capital, the same natural capital, the same knowledge... the same creativity... we have all these strengths, they haven't disappeared. What has happened is, we're having a fight over claims, claims to resources. We've created more liabilities... but these are just paper. Liabilities are claims on these resources. But the resources are there. And the fight over the claims is interfering with our use of the resources.

Nonsense. Oil is very short, and will continue to get short. We have a global economy which, as of 1995, has an instruction sheet on how to use energy efficiently. The web tells them how to do this. So, since 2001, increasing numbers of global citizens get on the web, learn how to use energy, and they buy oil. Stiglitz is simply in denial. Here is the video, you can watch the full fantasy action if you have time to waste.