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Thread: Oil Reserves and Crisis

  1. #11
    Dr.Awkward Robcore's Avatar
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    I think Canada is estimated to have reserves of about 1.7 billion barrels or something.
    ...the origin of emotional sickness lay in people’s belief that they were their personalities...
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  2. #12
    TJ TeresaJ's Avatar
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    Quote Originally Posted by Robcore View Post
    I think Canada is estimated to have reserves of about 1.7 billion barrels or something.
    Too bad, Lady Une. You were far too lenient.
    As a soldier, yes. But as a civilian I lived an austere life.

  3. #13
    Minister of Love Roger Mexico's Avatar
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    Quote Originally Posted by PureViolence View Post
    Venezuela got into crisis because they started shaking down everything for no reason, gave free oil to cuba and to bolivia, put more people than necessary to work for no profits.
    The general consensus among economists and other professional "public policy analyst" sorts seems to be that the predominant cause of their current economic crisis is that Chavez took over during an incidental spike in global oil prices but put the resulting windfall into subsidies on consumer goods rather than capitalizing it into investments in infrastructure to build up other industries.


    I.e. what they should have done was diversify--treat the temporary infusion of extra oil money as a way to defray the upfront costs of expanding other industries so that those industries would continue to grow faster and create more wealth after the oil prices went back down. What they did instead was use the oil money as a slush fund to defray the costs of a system of price ceilings and such to make food/etc. less expensive--which was beneficial in the short term but meant that everything people needed was being produced (or IIRC in many cases imported) mainly with oil money, so when the oil prices declined again the availability of those commodities likewise declined, creating the whole shortage/inflation crisis that has basically thus far defined Maduro's time in office.
    Quote Originally Posted by Ptah View Post
    No history, no exposition, no anecdote or argument changes the invariant: we are all human beings, and some humans are idiots.

  4. #14
    Hasta Siempre Madrigal's Avatar
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    Quote Originally Posted by Sinny View Post
    Hasn't America been trying to economically cripple Venezuela? And Venezuela have actually putting up a half decent fight for survival?

    I migh be getting my South American countries confused, that's one for me to revisit.
    Yep, capitalists are waging economic war on Venezuela by creating scarcity; hoarding, destroying or even sending essential goods to neighboring countries. I think one of Maduro's many problems is that he's not going far enough. How can things like food distribution and pharmaceuticals be in the hands of sectors that are waging war against the country? These guys should have been nationalized so long ago it's mind-boggling.

    This is kind of like what happened to Allende, who also lost control of food distribution in the country at the hands of hoarding capitalists, which, in league with US imperialism, had a plan to wreak havoc on Chile's economy as payback for some moderate social reforms Allende dared to implement. However, in Chile back then, the workers actually took matters into their own hands by expropriating companies who engaged in hoarding and setting up distribution networks in their neighborhoods. This was something that surpassed Allende completely, but they were emboldened by his rhetoric and felt they had him on their side. Meanwhile, he was busy trying to please God and the Devil, something that didn't work out for him. :/

    Sadly, Maduro is doing much the same thing by not nationalizing, and by paying the foreign debt religiously while big banks and rating agencies only thank him by pushing up Venezuela's country risk calculation to further strangle the economy. This kind of high-stakes gambling is what led Argentina to implode and then default after 2001, and basically what screwed up several Latin American economies that broke at the turn of the century before departing from 90s-era neoliberalism.

    The scary thing is that the trend is now going in the opposite direction, back to the same failed neoliberal policies. I wish I could say that something much more radical than populism was brewing in Latin America, but if it is, it still hasn't really taken shape.
    Everything under heaven is in utter chaos; the situation is excellent. - Mao

  5. #15
    I like big buts Sir Caveat's Avatar
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    I'd rather buy my eggs from competing bourgeoisie than be exploited by an autocrat and his cronies.

    You hide behind caveats and modifiers. - Lurker

  6. #16
    your cheapest wine Johnny's Avatar
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    Quote Originally Posted by Madrigal View Post
    ...I wish I could say that something much more radical than populism was brewing in Latin America, but if it is, it still hasn't really taken shape.
    Financialization is impacting everyone involved in trade, not just, say, Venezuela or Argentina. Matt King, a former British central banker, writed extensively on the problem and forecssts the splintering of the EU for financialization's flaws.

    It's a constant message to Americans that AI and robotics will continue to replace human labor through continued financialization and that we are pretty much on our own to innovate our relevance to industry if we are to do more than simply consume its output. US oil producers are no exception.

    The counterargument here is, "Buy the damn robots!"...or, as we more often say, buy stock in corporations who manufacture them. It seems a quite simple and elegant argument so long as you are a capitalist.

    ******

    We are not entirely opposed in our views as it might first appear, however. For me, the fundamental difference is that I live in a country where citizens may bear arms and defend thrmselves from tyranny more successfully than were we unarmed citizens reliant upon a state sponsored force to operate (presumably) on our behalf.

    In other words, our collective voice can be more easily heard and considered to enact change (or, as you might say in more dramatic fashion, the destruction-creation process).

    Change happens here often. But the welfare system here, where food and shelter and child healthcare are offered by the state, is not much different in principle. Welfare recipients here are demanded to take on a prescribed set of behaviors and goals in exchange also. They may not include who to vote for in an election, but they are there.

    Welfare states are founded by the hunger for power against others. There's no way Maduro, in accepting this condition for his people, will get out alive if he does not hold into that power.

    And there's no way the majority of Americans will endorse doing business with a leader like that. It's simply too repulsive, as it undermines out own standards for living.
    Last edited by Johnny; 05-28-2018 at 03:15 PM.

  7. #17
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    the problem in venezuela is really simple, no matter how many stupid facts you pull to justify communist utopia. what do conspiracy theorists, sjws and communists have in common? misinformation, manipulation, the more unlikely the more useful it is.
    case closed.

    it's well known how maduro simply wanted to make medium-high class evacuate the country, making the majority remaining a silent herd for votes, poor people will just conform because they have their free food and can anyways keep stealing cellphones because why not? police doesn't care, the few people who do resist the government get imprisoned or killed. i know a few fairly close people to me that kept voting for the revolution just because that way they got to keep their mediocre jobs.
    it's well known how pdvsa the main oil company fired engineers who had more than 20 years of working experience and not only replaced them with low qualified staff but also tripled the number of positions, how can you fucking pay all these people? ahhh you could more or less for a while until oil shit went down. because every fucking cent went to social control systems. they said, oohhh yeah, let's replace the corrupt spanish descendant elite that's running the enterprise and set another corrupt and pathetic elite that sets country to failure. not to mention how they used criminals to protect themselves from protestors, etc.
    WRONG. WRONG. WRONG. and btw, let's not forget this all started back in 1999 not in 2013. fucking flat earthers.

  8. #18
    I like big buts Sir Caveat's Avatar
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    Quote Originally Posted by PureViolence View Post
    what do conspiracy theorists, sjws and communists have in common? misinformation, manipulation, the more unlikely the more useful it is.
    I'd add, an enemies list and a lens focused on power and coercion.
    You hide behind caveats and modifiers. - Lurker

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