The hydrogen economy is a technological bluff in its implied assurance that, despite the accelerating pace at which we are depleting the remaining half of our fossil fuels, our energy future is secure. Elementary thermodynamic considerations are developed to show that a hydrogen economy is about as feasible as a perpetual motion machine. Hydrogen is not an energy source but an energy carrier, and when produced renewably, it is an energy carrier to the second degree, with electricity being the energy carrier to the first degree. As such, it greatly elongates the chain of energy transformations required to deliver a desired service from a primary source of energy. There will undoubtedly be applications in which hydrogen may be essential, but they will be limited because the services it delivers will come at a substantial energy premium.