Oil catastrophe: another kind of war?
Under capitalism, competition causes the rate of profit to drop, and overproduction results. This is when the business cycle dips, and we experience recessions and depressions. To restore the rate of profit and force the cycle up again, capitalists have several methods including financial speculation and deliberate waste. Plus they must destroy capital, usually through wars. During the current dip we have seen a frenzy of financial speculation, waste, and wars.
In the process of destroying capital to save capitalism, there is always contention among capitalists: whose capital will be destroyed? This is a point of conflict – no one wants it to be their own. When this conflict becomes acute, it can be resolved by war.
At the moment, the capital of a British oil company, the fourth largest corporation in the world, is being destroyed. BP was allowed to create this destructive situation by the US government. We assume it must have been due to greed, negligence and short-sightedness.
But what if it wasn’t? Couldn’t this, actually, be war in another form, the deliberate facilitation of destruction of British-based capital by representatives of US-based capital?
That would explain why Obama isn’t doing anything about it.