Surviving Capitalism (Not) : Riyadh using oil as a weapon

We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Wednesday, October 22, 2014

Riyadh using oil as a weapon

Click here to access article by Hassan Chakrani from Al Akhbar.

What is so puzzling to me is the current action of Saudi Arabia, whose Medieval rulers are protected by the Empire, dumping oil on the market causing prices to be very low. This action obviously dovetails nicely with the Empire's economic war on Russia, but it would seem that it also hurts the profits of domestic oil companies, and global oil companies based in the West. These oil companies factor very importantly in shaping ruling class policies of the Empire. So, what gives? Chakrani provides some explanations.