Peak Oil Impacts: "Millions face shrinking Social Security payments," By Stephen Ohlemacher, Associated Press, August 23, 2009

"Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise.

The trustees who oversee Social Security are projecting there won't be a cost of living adjustment (COLA) for the next two years. That hasn't happened since automatic increases were adopted in 1975."

(VIEW FULL ARTICLE HERE)

Peak Oil Financial Planning: "America's oil bust: setting ourselves up for another price spike, " By Steve Hargreaves, CNNMoney.com, April 3, 2009

"The collapse in oil prices from over $147 a barrel has caused many oil producers to pack up their rigs and stow their jacks. Some fear the drop in production activity will lead energy prices to spike once the economy recovers."

(Continued here).

High oil prices mean that inflation is just around the corner, as noted in a previous post.

Peak Oil Financial Planning: High Oil Prices and Inflation Loom

"Financier sees oil shock from credit crunch," By Christopher Johnson
Reuters, March 26, 2009

"The global financial crisis and collapse in the oil market have stalled vital investment in oil exploration and production and are likely soon to lead to a sharp spike in prices," says energy investment banker Matthew Simmons. "We are three, six, maybe nine months away from a price shock. We are not talking about three to five years away -- it will be much sooner." (Continued here)

Thus, in addition to the dollar losing value from "printing dollars" to pay for bailouts the dollar will weaken from inflation brought on by high oil prices. This will bring about tighter credit and reduced investment in oil production and ageing/corroding oil production infrastructure.

Soon, governments will have to subsidize oil production and the unemployed, as well as heating oil and natural gas for heating their homes.