[Marxism] Mike Davis on oil supplies

DLVinvest at cs.com DLVinvest at cs.com
Wed May 26 13:03:01 MDT 2004

while pondering Nick's post and riposte to Melvin, with whom I find 
considerable agreement in his insistence on a return to the basics of Marx to 
understand the current crisis of accumulation, I would only add that the invasion of 
Iraq is less about physical control of that resource in the near term and more 
about control of the pricing mechanism for oil in the mid-term future, keeping 
it denominated in the imperial currency, which favors the Seven-down-to-Five 
Sisters at the expense of European and Japanese capitalists in 
inter-imperialist rivalry, advanatges the US finance capitalists by subsidizing the deficit 
brought on by imperial war, and shifts the oil market generally in favor of the 
US in battle for control over the great factory-of-last-resort that is China. 
(An interesting aside: Lula has recently announced that he will  lobby for 
China's admission into various trade bodies and agreements as a "market economy" 
-- recognizing the obvious, that its nominally socialist claims on the 
workingclass are a fiction that proves increasingly inconvenient because it provokes 
tariff penalties in "anti-dumping" laws of importing countries.)

Douglas L. Vaughan, Jr.
for Print, Film & Electronic Media
3140 W. 32nd Ave. 
Denver CO 80211

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