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This cannot be compaired to past cycles cause of the sharpe increase of Industrial change. The earth's population is nearing 3 trillion (higher than ever before) and China is 1.5 billion of that number. Now that China is out of thier ression their growing, industrially speaking, four fold of the United States. With the increase of industrial demand comes, yes, you guessed it, carbon emissions. Global Warming is happening and if you deny this your reasoning can only come from past cycles. And we alread shot that basis out of the water.