Economy

The oil spill disaster in the Gulf of Mexico is likely to be far worse than oil rig owner BP has admitted. Independent analysis carried out for the US National Public Radio (NPR) indicated the company has vastly underestimated the size of the spill. Experts told NPR on May 14 the spill could be 10 times bigger than the company says.
An ex-oil worker has told the May 12 Huffington Post that oil giant BP often faked reliability tests for equipment meant to stop spills such as the Deepwater Horizon spill, which began on April 20. Mike Mason, an oil worker in Alaska for 18 years, said he personally witnessed more than 100 occasions when BP employees manipulated tests on safety valves designed to cut off oil flow in case of emergencies. He said the tests would determine whether the valves could withstand certain amounts of pressure for five minutes at a time.
“The time of big energy was supposed to have faded with the election of Barack Obama to the presidency”, Billy Wharton wrote in a May 12 www.counterpunch.org article. “Then, a humble Coloradan, with a cowboy hat that seemed permanently affixed to his head, named Ken Salazar ambled to the microphone to accept Obama’s nomination to be the new Secretary of the Department of the Interior (DOI).”
As Tiger Woods returns to golf, not all his affairs are salacious headlines. In Dubai, the Tiger Woods Golf Course is costing $100 million to build. Dubai relies on cheap Third World labour, as do certain consumer brands that have helped make Woods a billionaire. Nike workers in Thailand wrote to Woods, expressing their “utmost respect for your skill and perseverance as an athlete” but pointing out that they would need to work 72,000 years “to receive what you will earn from [your Nike] contract”.
Cuba provides the best conditions for motherhood among developing countries, Save the Children's State of the World's Mothers 2010 report has found. The Times of India reported on May 5 that the report “examines 160 countries — 43 developed and 117 developing ones — and analyses the best and worst places to be a mother based on 10 factors such as the educational status, health, economic circumstances of the mothers, as well as the basic well-being of children”.
Since October, dozens of social leaders have been shot and eight killed in the struggle between Spanish-based oil and gas multinational Union Fenosa and communities in the west of the country. On October 24, Victor Galvez was shot 32 times as he left his office, where he was meeting with neighbours whose electricity supply had been cut off by one of Union Fenosa’s subsidiaries. Opposition to Union Fenosa began with the privatisation of electricity supply in 1999, with the multinational as the main beneficiary.
In further moves to strengthen the state’s role in the economy, Venezuelan President Chavez announced on May 11 the creation of a publicly owned import-export company as part of a broader plan to combat “the hegemony of the bourgeoisie”, speculation and inflation. Despite price controls and a fixed exchange rate, inflation reached 25.1% in 2009 — the highest in Latin America. Central bank figures reported inflation climbed 5.2% in April (double that of March), bringing accumulated inflation for 2010 up to 11.3%.
The tremendous success of the April 19-22 World Peoples Summit on Climate Change and Mother Earth Rights held in Cochabamba, Bolivia, has confirmed the well-deserved role of its initiator — Bolivian President Evo Morales — as one of the world’s leading environmental advocates. Since being elected the country’s first indigenous president in 2005, Morales has continuously denounced the threat posed by the climate crisis and environmental destruction. Morales has pointed the figure at the real cause of the problem: the consumerist and profit-driven capitalist system.
“There are two ways forward: Either save capitalism, or save Mother Earth”, Bolivian President Evo Morales said, stressing that this was the choice facing governments at a May 7 press conference in New York. There, he discussed the outcomes of the 35,000-strong World People’s Summit on Climate Change and the Rights of Mother Earth with United Nations Secretary-General Ban Ki-moon.
Green Left Weekly — Australia’s leading non-corporate newspaper — has an ambitious target to raise $300,000 for it’s fighting fund this year. This is the amount needed to ensure we can cover all the costs associated with research, production and distribution. It’s no small thing to produce such a quality publication.

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