Article by Deidre Griswold, posted on the Worker’s World Party website on January 22nd, 2016:
Jan. 18 — Stock markets around the world have been sliding downward for the last two weeks, propelled in large part by the news that the glut of oil has grown worse despite the shutting down of many wells. By Jan. 15, crude oil had fallen below $30 a barrel for the first time in 13 years.
The mood in financial circles is doom and gloom. Because of the heavy debt load throughout the world, including in the United States, a downturn has the potential of spinning out of control. The banks and other financial institutions are the core of modern capitalism. They rake in interest on huge loans based on the assumption that economies will keep on growing, no matter what the growth is based on. Fancy automobiles, mansions and private jets are at least, if not more, stimulating to the economy than health care, affordable housing and healthy food. So are industries that wreck the environment.
Here, in a nutshell, is an illustration of why achieving a sustainable environment is so impossible under capitalism.
One might think: Demand for oil has decreased. Wonderful! Less greenhouse gases to warm the planet! But one would be wrong, according to Wall Street.