Thirdly, it was published in 1776. The steam engine ("fire engine" to Smith) had been invented

It was the best of times, it was the worst of times ... it was the Age of Enlightenment

Adam Smith saw a new "machine" emerging, a social machine that would encourage specialization and thus take us to a new age of prosperity.

Smith did not see the dark side of his machine. Specialization brings on tunnel vision.

Tunnel vision leads to blind-sided group think among those people (sheeple) who come to accept certain things as "self evident" truths that need no further investigation or questioning.

One of the  "self evident" truths of our "modern" society is that growth and prosperity will continue (with compounded interest) forever.

Peak Oilers are some of the few who realize that this myopic viewpoint is fraught with danger. It may be the best of times, but it is also the worst of times. Water is evaporating from our half-fool glass.

The 50%-gone point is very short lived.

EXACTLY RIGHT!!!

Step back has nailed it. Exponential growth is a fool's paradise.