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Ruling Class Divisions On Fuel Price Increases
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| Ruling Class Divisions On Fuel Price Increases |
| 08.31.05 (1:12 am) [edit] |
From the Australian Broadcasting Corporation comes a story of differences of opinion amongst the world's corporeal elite on the question of the likely impact of oil prices. I have no doubt given recent labor market statistics and recent job losses that the impact is being felt, and will be felt for many years to come.
Socialists have traditionally spoken about the unproductive nature of a privately owned market economy, and the "boom-bust" nature of unplanned anarchic production. There's always bound to be recessions as such, and it'll be the working class people - pensioners, students, casual workers, sub-contractors and junior public servants - who will bear most of the price. And with my memories of the early 80's and 90's recession, the fact that social service provision is only a fraction as much as it once was, makes it all the more disgusting to think of the future impact of another oil triggered recession on people's life-time income levels.
Anyway "here is the news":
Forbes delegates mull over rising oil prices
World business leaders attending the Forbes Global CEO Conference in Sydney have focused much of their discussions on the sharp rise in the cost of fuel.
Professor Joseph Stiglitz, from Colombia University, says oil prices have soared more than 60 per cent in the past year.
"Obviously the high oil prices dampen the economy, they represent a cost that was in some sense not fully anticipated," he said.
"No one expected prices at this level."
Steve Forbes believes the current record prices are unsustainable.
But Professor Stiglitz says prices are likely to remain high for the next two to three years, leading to inflationary pressures.
"You add to that an interest rate increase and that obviously is not good for the global economy," he said.
Professor Stiglitz says Hurricane Katrina, which has cut production of oil in the Gulf of Mexico, is a reminder of the vulnerability of the global energy system.
"One event can lead to this huge change in price and there will be other events of this kind, so what we've done is we have system where we don't have sufficient resilience," he said.
But the Professor says the situation is not as bad as the 1970s world oil shock.
The Forbes meeting is going ahead without much disruption from protesters, although there have been further anti-globalisation protests in Sydney.
A group of around 200 protesters marched on an ANZ building in the city centre.
Police arrested eight protesters amid some scuffling.
They have been charged with a number of offences, including resisting arrest and ignoring the directions of police.
Mounted police also surrounded the group, but later allowed them to march down George Street to Customs House.
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posted by: therealspartacus007 (reply)
post date: 08.31.05 (5:26 am)
We need the high gas prices to force people to stop using so much oil before we run out. For me its an example of the free market in action, forcing change where an elected government never would dare.
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