Rubin, who will be speaking to the Halifax Chamber of Commerce November 4, also casts doubt on the logic behind the Atlantic Gateway concept.
In his book, Rubin argues that the defining feature of the world economy is the price of oil. High oil prices caused the American financial meltdown, not the other way around, says Rubin, and high oil prices are sure to return once the recession is over.
As he explains it, the underlying issue is that we have either just reached, or are just about to reach, "peak oil"---the point where total oil production declines, no matter the price for oil. As a result, global trade will necessarily have to diminish, and we'll return to the local economies of the past.
A transcript of my interview with Rubin follows.
