Oil Era’s Twilight Drives Depression, Debt Crisis, Rifkin Says

The world economy will face shocks and depressions, punctuated by ever-shorter and weaker recoveries, as long as it relies on outdated fossil fuels, says Jeremy Rifkin, author of "The Third Industrial Revolution."

"There will be cycles of growth, collapse, growth, collapse, every three years or so," he said in an interview in Berlin, where he was scheduled to speak on a panel about sustainable growth introduced by Chancellor Angela Merkel.