(Continued from Oct. 31, 2022)
BY INCREASING production, the price will fall. Reduce production and they create a shortage and the price will rise. The law of supply and demand rules the world. They have the power to manipulate the world economy and cause inflation, a rise in prices, loss of jobs, and social unrest that could threaten the stability of governments. Nations owe huge debts to OPEC (Organization of the Petroleum Exporting Countries) nations.
Argentina cannot pay its debts to the IMF (International Monetary Fund) and is running out of foreign currency. Putin is fanning the flames of inflation by cutting off gas supplies to Europe.
Oil is power and the fossil fuel oil industry is still shamefully subsidized by many governments giving corporations everywhere incentives to explore for more oil.
Some rich nations pressure poor nations like Senegal that can’t pay its debts and is forced to open its natural resources of oil and gas to multinational corporations to exploit for their profit. This is the colonial exploitation that goes on today. This is the debt trap and China plays it all too well. It is a form of national bondage on a global scale.
This oil rush goes on despite the need to stop burning fossil fuels and cut CO2 emissions and build renewable power sources to save the planet from destructive global warming. Humans are in self-destructive mode. The burning of oil and gas caused dramatic climate change and global warming causes the forests and earth to dry up and burn. This is adding more CO2 to the atmosphere which causes an increase in global warming, causing more drought and less water for crops, and causing food shortages, hunger and more social unrest and more debt by the poor nations to the rich just to survive.
The poor southern nations suffer most from destructive climate change and they cause only a tiny fraction of the CO2 in the atmosphere that is causing global warming. In fact 85 percent is caused by rich industrial nations. They cause huge losses and they now owe the poor nations climate reparation. Because of their history of polluting habits, the rich nations have massive responsibility and huge climate debts to pay to the poor nations that owe them money.
So why not call it quits. Cancel the foreign debt of the poor nations and in return cancel the climate debt owned by the rich nations to the poor?
The forced repayments of interest and capital by the poor nations will stop and go to support food production and renewable energy projects for the poor nations and this will result in less debt to buy oil. That is, if the poor population can stop their corrupt rulers from stealing what’s left in the national treasury. If so, it should help solve the terrible burden of debt, and not before it’s time.
The rich nations will lose power and control over the poor and stop exploiting them with every devious dirty deal to enslave the poor nations in debt bondage. A massive effort to mobilize international public opinion for this deal is needed. Most of the rich have no compassion and no mercy, just self-interest, so it is the common person, the poor that have to act and demand their leaders to refuse to pay their unjust debts until the rich polluters of the world pay them for damage caused by climate change droughts, crop losses and fires and do climate justice. (preda.org)
