The article gives only part of the reason.
The problem is that heavy borrowing and spending took place across the board (i.e., not just government but also households and corporations), starting in 1981 and thanks to deregulation (because the government essentially works for Wall Street), leading to incredible levels of debt for all sectors.
Also, it's not mentioned that a lot of oil is consumed, and crude oil production peaked in 2005. At the same time, oil demand is growing worldwide because of a growing middle class.
Finally, the military is used to keep the petro-dollar propped up (with private corporations profiting), but more are now distrustful of the U.S. and want to move away from the dollar. Meanwhile, the heavily-funded military with police are now slowly turning on the U.S. population.
Discussions regarding the world financial crises
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