Herron, J. (2012, Jan 19). IEA Cuts Oil-Demand View as Crude Consumption Falls. The Wall Street Journal, p. C2.
[excerpted]: "The International Energy Agency took an ax to its oil-demand forecast after consumption fell in the fourth quarter of 2011 for the first time since the tail end of the credit crunch."
Majia here: The article reports that the IEA is expecting further revisions down in consumption based on projections of weak growth.
Falling oil demand = global contraction.
Unfortunately the "health" of the global economy depends on ceaseless growth, even while that growth accelerates the consumption of non-renewable resources and contaminates the planet.
It is indeed tragic that upticks in global hunger, deprivation, and poverty are so closely linked to declines in global consumption of non-renewable resources.
We need to create a new global system that fosters human growth and development (including democracy) while forging a sustainable way of living on planet earth.