Peak Civilization?

I am skeptical on the theory.  But unfortunately, the out come (at least in part) is possible.

The peak oil part I am not buying because as prices rise, alternatives arise too. It may come one day (and we may get a taste of it if Israel and Iran go at it), but a collapse of petroleum is not coming soon.

But the debt part of this theory is real and is unsustainable.  Will society break down completely?  I doubt it.  Much of the debt are things like Medicare, social security and other entitlements.  If they go they go.  People will suffer terribly (mostly seniors) in the west, but life will go on.  In the developing world, however, things will get very grim indeed.