
However, the root cause is Premiere using so much memory. I understand that the proximal cause of the error message is probably an excessive number of page faults triggered by the massive memory hogging by Premiere.

I monitor Premiere steadily gobbling up resources as VM usage and Memory Pressure increase. I have Optimized for Memory in preferences, and even tried Limiting Memory usage to 8GB (even though this refers to RAM, not VM). Keep in mind that I been careful to reboot the system, reset PRAM, and run nothing significant except Premiere, Activity Monitor and Finder. Worse still, when I try to export my project, memory usage grows above 60GB, until my system gives up and reports "Your System has run out of application memory". Now, when I open the project, Premiere Pro immediate consumes 30GB of memory! Which means that opening my project now takes about 15 minutes (the blank Premiere application appears in about 2 minutes, but the panels do not complete their slow fill-in for another 13 minutes - all the while the cursor is spinning, not allowing me to select anything, and activity Monty tells me that Premiere is unresponsive).

As I edited about a 20 minute clip of video, the memory consumption of Premiere Pro CC 2014 on my MacBook Pro (Core i7, 16GB memory, 500GB SSD with 150GB free, Yosemite) grew and grew.
