Government shoots super trawler messenger
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4:41 PM (1 hour ago)
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Managing director of Ebono Institute and major sponsor of The Generator, Geoff Ebbs, is running against Kevin Rudd in the seat of Griffith at the next Federal election. By the expression on their faces in this candid shot it looks like a pretty dull campaign. Read on
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4:41 PM (1 hour ago)
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10:24 AM (9 minutes ago)
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4:31 PM (1 hour ago)
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3:21 PM (4 minutes ago)
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4 of 44
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5:08 PM (1 hour ago)
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Disinventing Democracy – monbiot.com |
| Disinventing Democracy
Posted: 07 Jul 2015 10:38 PM PDT The assault on Greece is just the latest episode in a long history of shutting down choice on behalf of the financial elite. By George Monbiot, published in the Guardian 8th Juy 2015 Greece might be financially bankrupt; the troika is politically bankrupt. Those who persecute this nation wield illegitimate, undemocratic powers: powers of the kind now afflicting us all. Consider the International Monetary Fund. The distribution of power here was perfectly stitched up: IMF decisions require an 85% majority, and the US holds 17% of the votes. It’s controlled by the rich, and governs the poor on their behalf. It’s now doing to Greece what it has done to one poor nation after another, from Argentina to Zambia. Its structural adjustment programmes have forced scores of elected governments to dismantle public spending, destroying health, education and the other means by which the wretched of the earth might improve their lives. The same programme is imposed regardless of circumstance: every country the IMF colonises must place the control of inflation ahead of other economic objectives; immediately remove its barriers to trade and the flow of capital; liberalise its banking system; reduce government spending on everything except debt repayments; and privatise the assets which can be sold to foreign investors. Using the threat of its self-fulfilling prophecy (it warns the financial markets that countries which don’t submit to its demands are doomed), it has forced governments to abandon their progressive policies. Almost single-handedly, it engineered the 1997 Asian financial crisis: by forcing governments to remove their capital controls, it opened currencies to attack by financial speculators. Only countries such as Malaysia and China, which refused to cave in, escaped the crisis. Consider the European Central Bank. Like most other central banks, it enjoys “political independence”. This does not mean that it is free from politics; only that it is free from democracy. It is ruled instead by the financial sector, whose interests it is constitutionally obliged to champion, through its inflation target of around 2%. Ever mindful of where power lies, it has exceeded this mandate, inflicting deflation and epic unemployment on poorer members of the eurozone. The Maastricht treaty, establishing the European Union and the euro, was built on a lethal delusion: a belief that the ECB could provide the only common economic governance that monetary union required. It arose from an extreme version of market fundamentalism: if inflation was kept low, its authors imagined, the magic of the markets would resolve all other social and economic problems, making politics redundant. Those sober, suited, serious people, who now pronounce themselves the only adults in the room, turn out to be demented utopian fantasists, votaries of a fanatical economic cult. All this is but a recent chapter in the long tradition of subordinating human welfare to financial power. The austerity now imposed on Greece, brutal as it is, is mild by comparison to earlier versions. Take, for example, the Irish and Indian famines, both exacerbated (in the second case caused) by the doctrine then known as laissez-faire, but which we now know as market fundamentalism or neoliberalism. In Ireland’s case, one eighth of the population was killed – one could almost say murdered – in the late 1840s, partly by the British refusal to distribute food, to prohibit the export of grain or to provide effective poor relief. Such policies offended the holy doctrine that nothing should stay the invisible hand When drought struck India in 1877 and 1878, the British imperial government insisted on exporting record amounts of grain, precipitating a famine that killed millions. The Anti-Charitable Contributions Act of 1877 prohibited “at the pain of imprisonment private relief donations that potentially interfered with the market fixing of grain prices.” The only relief permitted was forced work in labour camps, in which less food was provided than to the inmates of Buchenwald. Monthly mortality in these camps in 1877 was equivalent to an annual rate of 94%. As Karl Polanyi argued in The Great Transformation, the gold standard – the self-regulating system at the heart of laissez-faire economics – prevented governments in the 19th and early 20th centuries from raising public spending or stimulating employment. It obliged them to keep the majority poor, while the rich enjoyed a gilded age. Few means of containing public discontent were available, other than sucking wealth from the colonies and promoting aggressive nationalism. This was one of the factors that contributed to the First World War. The resumption of the gold standard by many nations after the war exacerbated the Great Depression, preventing central banks from increasing the money supply and funding deficits. You might have hoped that European governments would remember the results. Today, equivalents to the gold standard – inflexible commitments to austerity – abound. In December 2011, the European Council agreed a new fiscal compact, imposing on all members of the eurozone a rule that “government budgets shall be balanced or in surplus”. This rule, which had to be transcribed into national law, would “contain an automatic correction mechanism that shall be triggered in the event of deviation.” This helps to explain the seignorial horror with which the troika’s unelected technocrats have greeted the resurgence of democracy in Greece. Hadn’t they ensured that choice was illegal? Such diktats mean that the only possible democratic outcome in Europe is now the collapse of the euro: like it or not, all else is slow-burning tyranny. This is hard for those of us on the left to admit, but Margaret Thatcher saved the UK from this despotism. European monetary union, she predicted, would ensure that the poorer countries must not be bailed out, “which would devastate their inefficient economies.” But only, it seems, for her party to supplant it with a homegrown tyranny. George Osborne’s proposed legal commitment to a budgetary surplus exceeds that of the eurozone rule. Labour’s promised budget responsibility lock, though milder, had a similar intent. In all cases, governments deny themselves the possibility of change. In other words, they pledge to thwart democracy. So it has been for the past two centuries, with the exception of the 30-year Keynesian respite. The crushing of political choice is not a side effect of this utopian belief system but a necessary component. Neoliberalism is inherently incompatible with democracy, as people will always rebel against the austerity and fiscal tyranny it prescribes. Something has to give, and it must be the people. This is the true road to serfdom: disinventing democracy on behalf of the elite. |
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6:14 PM (53 minutes ago)
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Huge news. Today AGL announced they’re withdrawing from massive coal seam gas projects across NSW.
The company has sold back a gas exploration license to the NSW Government covering 6500km of NSW, including prime farm land and Sydney water catchments. Many parts of Sydney, the Illawarra, Camden and the Hunter Valley are now safe from AGL’s dangerous CSG expansion.
This announcement, along with a massive $600 million write-down in AGL’s gas assets, shows they’re fighting a losing battle when it comes to coal seam gas.1 This proves that not only is CSG bad for our communities, it’s also bad for AGL’s business.
This decision is in no small part thanks to our partners at Lock The Gate, Land Water Future and Stop CSG Illawarra who have worked tirelessly with the support of local communities in NSW for this. It is a huge win. Sadly AGL are still pushing ahead with their beleaguered CSG project in Gloucester.
However, with $275 million of their asset write-downs coming from the Gloucester project alone, today’s announcement shows just how risky an investment CSG is for them.2 They’re in a very vulnerable position — in just a few months AGL will need to decide whether to get out of Gloucester for good.
Today, AGL CEO Andrew Vesey said that the Gloucester project’s impact on AGL’s retail brand is “always something we have to be attentive to”.2 Put simply, if AGL’s retail brand is hurt because of their fracking in Gloucester that will influence their decision on whether to back out of the project. That’s where you come in.
The same goes for the two other biggest energy providers, EnergyAustralia and Origin — both of whom also invest in coal seam gas around the country.
AGL’s retail brand has already taken a major hammering thanks to the thousands of GetUp members who’ve switched their power away from AGL in protest, to a power provider who’s committed to never invest in coal seam gas. If hundreds more switch and let AGL know they’ve lost yet more customers because of their fracking in Gloucester, it could be the straw that breaks the camel’s back.
Leading investment analyst Credit Suisse found that if GetUp switches 30,000 AGL customers, it’ll take $100 million off their bottom line.3 Through GetUp’s Better Power campaign, 12,000 people have already switched to our partner Powershop, ranked Australia’s Greenest Electricity Retailer last year by Greenpeace and the Total Environment Centre.
Help add another nail to the coffin of CSG by switching your power.
GetUp’s partnered with Powershop because they’ve committed to never invest in dirty coal or coal seam gas, and are backed by a 100% renewable energy company, Meridian. They strongly supported the 41,000 GWH Renewable Energy Target, unlike AGL, who called for it to be scrapped altogether.4 Powershop are also one of the cheapest retailers in Victoria, and since their launch earlier this year in New South Wales, their prices here have been very competitive too.5 It only takes about five minutes to switch online.
Switch your power today to drive home the message: Fracking is not only bad news for our land and water — it’s bad news for their bottom line.
If you are a customer of AGL (or EnergyAustralia or Origin – the two other companies that together with AGL make up the “Dirty Three”), you can make the switch through GetUp’s Better Power campaign now. It’s a simple process that takes a few minutes, with Powershop doing all the hard work for you — contacting your power company on your behalf and transferring your electricity account. You can also get a price comparison from Powershop first before you decide whether to switch.
Find out how to make the switch away from CSG today.
In addition to shifting customer value into a company that only invests in renewables, if you switch your power, GetUp will receive a fixed payment that goes into funding our renewables and anti-CSG campaigns. That means you’re supporting renewables in two ways – by divesting from a coal seam gas-investing company and by financially supporting our fight against coal and coal seam gas.
Powershop will also offset your power so it is 100% carbon neutral at no extra cost to you. Once you’ve switched, you’ll get the chance to tell AGL (or EnergyAustralia or Origin) why they’ve lost you as a customer, further driving home the message that they have no social licence to frack. The more customers they lose, the less reason they have to continue their investment in fracking.
Make the switch now and help stop CSG in its tracks: http://www.getup.org.au/better-power
Together, we can help drive Australia’s transition to clean energy. Keep fighting.
Lily, for the GetUp team
P.S. If you’re an AGL shareholder, you have an unique opportunity to influence the company at this year’s Annual General Meeting. Already seventy GetUp members have taken powerful shareholder action, but we need thirty more to be counted! Click here to find out more and take action to help clean up AGL.
P.P.S. For more information on Powershop and the Better Power campaign click here.
References:
1. ‘AGL Energy to take $603m write-down on gas business; to sell some assets’, The Sydney Morning Herald, 6 July 2015.
2. ‘AGL takes $600m in writedowns’, The Australian, 6 July 2015.
3. Credit Suisse analysis, July 2014; Credit Suisse Research and Analytics, AGL Energy – I can see clearly now, 19 March 2015; Citi Research, 18 February 2015.
4. ‘AGL Energy calls for renewable energy target to be scrapped’, Renew Economy, 24 October 2014.
5. The Victorian government’s Essential Services Commission issued a report on electricity prices in the state in October 2014 which said: “taking into account all available discounts, the lowest overall prices were most commonly available from Powershop.” Victorian government’s Essential Services Commission Energy Retailers’ Comparative Performance Report – Pricing, October 2014.