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Power cut hell OpenPublishing | News & Analysis
Submitted by unterschreber on Monday, 5 May, 2008 - 23:21
Hackney Gazette editorial

Apparently it's not considered newsworthy beyond the local press, but a whole block of the Morningside Estate in Hackney Wick/Homerton, i.e. prime Olympic boom territory, has been without electricity for SIX days and counting.  The supplier (French state-controlled London Olympic bid sponsor EDF Energy) blames a water leak (Thames Water: acquired for £8 billion by Macquarie Bank of Sydney, 2006).  You couldn't ask for a better display of how financialized infrastructure works: resource rundown by two fragments of the former utility system converges neatly to make life impossible for guess which class demographic (sitting on guess which real estate...)


A world food crisis: empty bowls and fat rats OpenPublishing | News & Analysis
Submitted by Ret Marut on Friday, 18 April, 2008 - 21:28
Ret Marut

Further detailed coverage from Libcom (http://libcom.org) of the  class struggle that continues to rage in Bangladesh, focusing here on how the global 'food crisis' works concretely in this case. The effect of farming techniques imposed during Asia's 'Green Revolution' is addressed, although this needs to be put related to the world trade 'diplomacy' which since WW2 has made 'developing' countries dependent on food imports (see M. Hudson, Super Imperialism), and to the present commodity price bubble inflated by investment attempting to hedge its way out of exposure to perilous financial 'products'.


A trillion dollar rescue for Wall Street gamblers OpenPublishing | News & Analysis
Submitted by unterschreber on Wednesday, 16 April, 2008 - 21:19
Michael Hudson


Detailed summary by Michael Hudson (author of the essential Super Imperialism, new edition: Pluto Press, 2003) of US government moves over the last few weeks to rescue Wall Street's fictitious wealth claims by turning upside-down the New Deal-era agencies designed to keep small producer-debtors from going under.  Treasury Secretary Paulson will pay whatever it costs to fund "creditors to lend debtors enough money for them to pay the interest costs so as to keep current on their loans", even if it means bankrupting Medicare and Social Security.  In this respect Paulson may be closer than the neo-Georgeist Hudson to the minority-marxist intuition that 'capital's executive committee' has to bail the gamblers out because financial looting is by now the only possible basis for accumulation.  But Hudson's ongoing account of this kind of policy as the 'socialization of risk' is vindicated today more obviously than ever.  The other side of this, of course, is that when, government withdraws from 'the market', leaving a policy vacuum for the FIRE sector to fill, as Hudson describes, state action to condition and coerce labour tends to go into overdrive.  As Elizabeth Povinelli observes in the current issue of Mute (http://www.metamute.org/en/Doing-it-for-the-Kids), in practice this often means mortal risk-taking becomes compulsory for the asset-poor, at the same time as the biggest  gambling debts are being 'forgiven'.
From Counterpunch (www.counterpunch.org)


Hanging in the balance (PFI & PwC) OpenPublishing | News & Analysis
Submitted by unterschreber on Tuesday, 15 April, 2008 - 17:56
Private Eye

From Private Eye, the otherwise barely-reported story of the recent Treasury paper underlying the UK government's renewed commitment to more! bigger! better! PFI, which draws on the 'analysis' of PFI fee-farmers PricewaterhouseCoopers, KPMG etc.


Forget about 'peak oil' and focus instead on 'peak power' OpenPublishing | News & Analysis
Submitted by unterschreber on Thursday, 3 April, 2008 - 19:51
A.F. Alhajji

Financial Times 'Insight' column (April 2, 'Companies & Markets' section) which may be too quick to dismiss the role of the free-falling dollar in dollar-denominated oil prices, but makes an interesting case for the necessity of the current 'speculative' $100+ a barrel rate based on total stocks, once producer countries' excess capacity levels are considered in relation to their own domestic energy needs.  The author unwittingly comes close a 'Midnight Notes'-type argument: the Opec states are forced to provide for electricity demand from growing and increasingly urbanized (read: proletarianized) populations, to the point of actually having to import oil to run power plants.  Consequently 'excess' (i.e. world market-ready) capacity is falling, pushing market prices up, even as inventories and capacity increase in absolute terms.  
    Also casually dropped in is the interesting claim that some of the Opec countries' oil revenue has 'found its way into' funds speculating in oil futures, thus pushing prices up further.  Chavez-loving leftists should pray that this abstract perpetual-motion machine has a long time left to run.


Big cheques in the post OpenPublishing | News & Analysis
Submitted by unterschreber on Thursday, 3 April, 2008 - 18:56
Private Eye (In the Back)

Last year's Royal Mail strikes responsded to an ongoing attack on postal workers' conditions, the origins of which can be traced directly to the competitve, 'harmonized' market being gradually introduced under the EU Postal Directives of 1997 and 2002.  The threatened closure of post offices across the UK also falls within the Directives' market logic.  (It remains to be seen if local post office user campaigns, whose bandwagon now groans under the weight of Ken Livingstone and a posse of embarrassed/embarrassing Labour MPs, will manage to organize in solidarity with the Royal Mail workers.)  This Private Eye squib mentions the workers only in passing and the Directives not at all, but it draws attention to an important mediating stage in the restructuring: the banker-run Shareholder Executive, created in 2002 to subject the UK's remaining state-owned companies to the ultra-short-term criteria of 'shareholder value'


Death data drive new market OpenPublishing | News & Analysis
Submitted by unterschreber on Tuesday, 25 March, 2008 - 03:20
Sophia Grene (FT Fund Management)

Courtesy of the Financial Times, the latest news on the financial sector's most self-allegorizing activity: death hedging.  Or more prosaically, the develpment of 'longevity derivatives' and associated indices, through which fund managers can hedge against the risk that people (not to speak of broker-dealers) might not die soon enough.  In this update, Deutsche Börse has introduced live (so to speak) data feeds from undertakers to find out the age of the bodies they bury.


Eco-imperialism at the Bali summit? OpenPublishing | News & Analysis
Submitted by unterschreber on Wednesday, 19 December, 2007 - 23:30
James Heartfield

Brief historicization (from www.spiked-online.com) of the latest inter-governmental eco-policy deal, looking into the way certain branches of capital established the 'Green' agenda long before its discovery by counter-culture and adoption by mainstream moralism.  The ideology of Scarcity is perpetual, but it took on this distinct institutional form during the late 20th century Supply Side ascendancy.  Incidentally the implicit contradiction between an 'eco-imperialist' drive to keep the 'underdeveloped' world that way (as a 'non-capitalist' source of loot) and industrial capitals' need to draw ever more labour-power into their orbit was explained by Rosa Luxemburg in 1913 in 'The Accumulation of Capital': "The conditions for the capitalization of surplus-value clash increasingly with the conditions for the renewal of the aggregate capital – a conflict which, incidentally, is merely a counterpart of the contradictions implied in the law of a declining profit rate".  


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