Capitalism

‘Shocking’ revelation finds $5.3tn subsidy

 

http://www.theguardian.com/environment/2015/may/18/fossil-fuel-companies-getting-10m-a-minute-in-subsidies-says-imf

 

 

Well, of course, this is shocking but nothing new to capitalism.  Most of our major industries leave billions of Pounds/Dollars, whichever currency, of pollution and waste for governments to clean up and finance from taxes. Then, to heap insult onto injury, over the last century especially, western legislatures have granted favourable tax breaks for corporations and the wealthy who in turn own the companies being subsidised. Nice work if you can get it. Is it any wonder that:  “The total wealth of the richest 1,000 individuals and families in Britain has more than doubled in the last 10 years to £547bn, the survey reported.

There are now 117 billionaires on the list, up from 104 in 2014, with 80 of them living in London.”

Externalising Cost of Doing Business

Externalising Cost of Doing Business

I’ve just finished reading John Michael Greer’s latest blog post concerning external costs of doing business.  Following is a comment I made to his post.

Early in the Industrial Revolution in England, for instance, Josiah Wedgewood and other industrialists paid their workers subsistence wages.  Through various acts of enclosure, from 1660 to 1845, 14 million documented, double that if undocumented common land could be included, acres of commons were privatised.  Add this to the rights of primogeniture encoded to ensure that real estate passed to the eldest son, and you find hundreds of thousands of people with no other option than to accept subsistence wages.  Finally, I’ll come to the point.  Thanks to this post, I now see that these pitiful wages were actually a form of externalisation because the poverty workers found themselves required support from elsewhere to enable them to maintain a healthy enough state to show up for work.  It is quite easy to build family capital when you pay out in pennies and sell for pounds.

 

Don’t buy your oil from Iran, buy it from us.

Don’t buy your oil from Iran, buy it from us.

 

“A recent report by Harvard’s Kennedy School of Government predicted that by 2020 all of America’s oil could be produced either domestically or within the western hemisphere, ending the US dependency on the Middle East. In November the International Energy Agency predicted America would be energy independent by 2035.

Already the impacts of the power shift are being felt, say Donilon and Yergin, particularly in efforts to halt Iran’s nuclear program.

‘The United States engaged in tireless diplomacy to persuade consuming nations to end or significantly reduce their consumption of Iranian oil while emphasising to suppliers the importance of keeping the world oil market stable and well supplied,’ Donilon said in his speech at Columbia.

‘The substantial increase in oil production in the United States and elsewhere meant that international sanctions and US and allied efforts could remove over 1 million barrels per day of Iranian oil while minimising the burdens on the rest of the world. And the same dynamic was at work in Libya in 2011 and in Syria today.’”

 

 

Read more: http://www.canberratimes.com.au/world/global-power-brokers-alarmed-as-us-has-a-fracking-good-time-20130719-2qaca.html#ixzz2ZlZEUOzY