Dominica |
DOMINICA and our GLOBAL
ENVIRONMENT A Corporate World |
| I consider this
subject to be crucial to the well-being of our
planet, for during the last six plus decades following World War II,
capitalism in the western world has mutated almost beyond recognition,
leaving a trail of devastation in its wake. Our democracies have
gradually given way to a world wide empire
dominated by a
few super rich elites who control mega sized multinational corporations
that have run amuck. They have become a law unto
themselves and are now
so powerful that government leaders and even the United Nations seem
fearful
of making any attempt to reign them in. A once healthy and successful capitalist
system has allowed itself over this period, through the
dilution and
dismantling of the very checks and balances once regarded as essential,
to be overwhelmed by this new phenomenon - a universal rich
club wielding ultimate and unrelenting control of the planet's wealth
and resources. This is the true power of today. It might to some extent
be excusable, were these mega
corporations seen to be conducting their affairs in a fair, responsible
and environmentally conscious manner. In fact, this can be
said of only a very small percentage of them. Today, their prime
overriding consideration is profit. No other single aspect of their
operation is more important than PROFIT. In this current world
there
are countries which, by law, require companies
to make growth in
shareholder returns their
number one priority over all other considerations. Predominant among the mega corporations of today are the oil, coal & gas businesses along with industries such as automobile, aerospace and power generation - all of which have until now been heavily dependent on the extraction and burning of fossil fuel. Not only is this seriously affecting the earth's biosphere due to emissions, but these resources are being rapidly depleted. Also prominent in the corporate higherarchy are the arms industry, which requires constant conflict to sustain it, and banking, which in the last decade particularly has broken free of its shackles enabling corporate executives to raid the coffers at the expense of customers, whose accounts are today deprived of any meaningful interest earnings and have been bombarded with an array of new charges. These two aspects deserve some individual attention and will be analysed in greater detail in due course. Prior to World War II, the United States of America experienced the 'Great Depression', brought about by a local scenario of corporate abuse and manipulation of money supply by influential bankers, similar to that which brought about the world-wide scenario of recession we are tasting today. A run on the banks by nervous depositors and the recalling of all privately held gold bullion triggered a stock market collapse and the resulting economic depression lasted for several years, during which period many businesses failed, unemployment was high and suicides were all too frequent. It was largely in response to this that legislation was introduced in the USA to regulate businesses and to limit their ability to grow beyond a certain capacity, even restricted then from expanding across state boundaries. Today even national borders pose no obstacle and corporations float around from jurisdiction to jurisdiction, registering their headquarters in whichever nation charges them least tax, provides the cheapest labour and imposes minimal regulatory requirements/ liabilities. Rupert Murdoch, for example, a media mogul who's array of companies bring in billions of dollars in profit each year boasts that he has never paid a cent in tax. Exxon, the U.S. oil giant with annual profits in the region of $45bn, manages to achieve similar exemption. One can see from the list of top super rich corporations of today, that America and Britain set the pace. It is in these countries that the swing in the balance of power was to take the lead, gaining serious momentum during the Reagan / Thatcher era when privatization and deregulation became the name of the game. We were told that a private utility would perform with greater efficiency than it would if it remained in the public sector. Our approval was bought with public share offerings in which customers received free shares and an option to buy a few more. The real reason for the flotations was to reward the politicians advocating them, as they found their way onto the boards of these newly privatized companies, gaining an additional paycheque, share options, bonuses and pension plans to dwarf their State and Government pension entitlements. In his book 'Captive State', which is already over 10 years old, Welshman George Monbiot reflects on how Britain's Labour Party, when in opposition prior to the 1997 general election, vociferously lambasted the Tories (Conservative Party) for their snug relationship with the private sector, promising to make serious changes if they were allowed to regain political control. After gaining power in 1997, however, they did a complete 'about turn' and pursued this cosy private sector relationship with even more enthusiasm than their predecessors. Sadly, the malpractices outlined in this book have only intensified during the subsequent decade, until today almost every public infrastructural spending program is being carried out as a PFI (Private Finance Initiative) scheme. We were told that PFI's would be cost effective and more efficient but the evidence unfortunately speaks for itself. These projects, hatched behind a veil of secrecy, have ended up costing the British taxpayer many times more than they should have done, as they are tailored to corporate desires instead of to the requirements of the projects. A prime example is the current widening of the M25 Motorway which encircles London. The entire work could, George advised in a 2009 Guardian commentary, have been accomplished at an estimated cost of less than £500m. The contract (for widening 4 sections) got underway, however, at a cost to the treasury of £5bn, even though the Times Newspaper in November 2006 revealed the true cost to be no more than £1.6bn. By May 2009 the £5bn had increased to £6.2bn for widening just 2 sections!  Just a few decades ago a very dim view was taken if 'conflict of interest' scenarios emerged amongst our MPs, Councillors or others holding public office. These corrupt practices were very serious criminal offences which carried severe penalties. A sustained campaign by the private sector of lobbying and collusion with the politicians has seen the law regulating business watered down at a rapid pace. Today conflict of interest situations are not only widespread but, when occasionally challenged, are often found to be quite legitimate within the terms of the law as it now stands. In George Orwell's classic futuristic novel, 1984, the Ministry of Truth was the Government's instrument of propaganda which broadcast nothing but lies and misinformation. We suddenly seem to have reached that point in reality. The challenge for today's incoming politicians is to have the balls to stand up to the corporate bully boys and maintain their integrity in the face of corporate enticement or threat - to demand and insist on the reversal of the 'self regulation' legislation which is so blatantly abused and replace it with strict and effective controls to limit corporate power, to uphold minimum wage targets (both at home and abroad) to back consumer demand for more informative labelling and to remove from committees and commissions appointed to protect the interests of the general public all persons with business relationships likely to compromise those interests. The public deserve nothing less. What has been happening in Britain is merely a reflection of how things have changed at the other side of the Atlantic, in the giant economy of the USA, where those offering themselves for public office at election time are almost exclusively corporate executives of some large company or other. Today, the Government IS big business. Whether it is Democrat or Republican makes little difference. More important than the welfare of the populous - making education and health care available and affordable for all, protecting consumer and workers rights etc. - first and foremost comes it's obligation to the corporate sector - to keep it fat, happy and forever growing. And this is where we stumble across the first basic flaw in the distorted form of capitalism predominant today - the relentless requirement for growth. In prudish society, where traditional forms of gambling are frowned upon, discouraged, often banned, the craving remains and needs to be fulfilled. So the outlet is found in the greatest casino of all time - the stock market. But for the gamblers to consistently achieve a good return on their money, one element is essential - growth. No longer can a company reach optimum size and simply remain successfully at that level - no, unless it is in a continual state of growth it's shares are jettisoned, thus devaluing the company to the extent that it is often unlikely to survive. To simultaneously fuel the growth of all these businesses, one other factor is necessary - increased consumer spending, but with individual wealth growing only modestly, enter flaw number 2 - credit. In order to spend more we are enticed to borrow - by hire purchase agreements, bank loans, mortgages and credit cards - we are given the means to spend what we don't yet have. As the gambling fervour grew, new games were demanded and 'derivatives' were invented to up the tempo. These are high leverage bets placed on the ups and downs of things like market indexes, currencies, interest rates, stocks, bonds and commodities - great for the 'insiders club', but potentially crippling for the less well informed. This brought a new level of volatility to the casino, which enabled traders like Nick Leeson the freedom to bring about the demise of a major bank, with the collapse of other financial institutions certain to follow suit in it's wake, which we witnessed happen towards the end of 2008.  It has been suggested that the most powerful and controlling body present in the world today is not a single country like the USA, Russia or China, nor is it an organization like the United Nations or an economic grouping like the EU, or even a rich and successful corporation, but a secretive club of super rich individuals. It is they who own and control the major banks and corporations. It is alleged by Alex Jones, a television show host in the USA, that it is the Bilderberg Group - made up of the richest and most politically influential persons in the world (on the internet you will find references to the Bilderberg club - that it is comprised of business leaders, influential politicians and royalty - press are never invited to their annual meetings and what is discussed remains secret). In one of his tv documentaries it was suggested that when President Obama and Deputy Hillary Clinton disappeared for a day and a half following their success in the last American Presidential Election, they were in fact summoned to a secret Bilderberg meeting at a hotel just outside Washington DC where they were instructed on the appointments they were to make in their new administration and presented with their governing agenda. There are also other secretive elite clubs - Illuminati, the Masons, Round Table etc., where members swear an oath of secrecy upon joining. These organizations no doubt network and cooperate to achieve common objectives. I was very excited when Obama was elected President at the end of 2008, but almost instantly disappointed to see the likes of Paulson and Geitner - the very architects and beneficiaries of a serious financial crisis Obama inherited - then appointed to key roles in his new administration. What did that indicate to me? ...that Obama is not really the one making these decisions, that the power of the President is no longer a reality. In Britain, the Tories have traditionally been willing participants, but when, in 1997, a Labour Government took office, Tony Blair would have had no option but to accept the carrot and avoid the stick, though I have to admit that he seemed (and still continues in an EU capacity) to relish the role. Dominica, with it's tiny economy, has almost been spared the ravages of corporate abuse, with just a couple of exceptions; In the late 90's, under a previous administration, our state owned electricity generating utility, DOMLEC, was sold to an external company in a deal shrouded in secrecy and which generated allegations of corruption. The official figure for which the company was sold was ludicrously low and the company was said to regain its investment within 2 years, after which it quickly sold on to another outside corporation. Since the sale of this utility, the poor population of Dominica have been bled by the new owners, paying for the most expensive electricity in the whole of the Caribbean. Power outages are not uncommon and if bills are not paid on time, customers are routinely disconnected without notice, then charged a reconnection fee. And of particular significance for our 'Nature Island' - we no longer have control over our energy policy! Though Government is often publicly critical of DOMLEC, whilst it allows itself to be in a constant state of arrears to the company, it has little leverage to resist further diesel generation and the excessive charges being levied on consumers. Although Dominica has no known valuable minerals in the ground, both local and foreign owned companies have been given licence to quarry aggregate and sand for export, and may have even been granted a tax holiday to do so. These operations have ravaged many parts of our scenic west coast, detracting from our tourism product, devaluing property within sight or earshot, contaminating the air with fine dust which is harmful to the health of workers and nearby residents and polluting our coral dive-site seas with slurry from the run-off . This is a high price for Dominica to pay for little or no visible return!  Dominica for sale In summary, the world today is a dangerous place. Individual freedoms have been and are being rapidly eroded and, as a recent world financial crisis demonstrated, our life savings are no longer safe. The rich club sits firmly at the helm, manipulating the money supply and using corporate expansion as it's vehicle of conquest. Any nation, small or large, that has resources that the rich world covets is fair game for what the U.S.A.'s John Perkins has branded 'today's mutant form of predatory capitalism'. His 2005 book 'Confessions of an Economic Hit Man', an autobiographical and analytical account, became a New York Times best seller and has been followed by two similarly popular publications - 'The Secret History of the American Empire' and 'Hoodwinked'. I have often heard it said that the best form of leadership is a benevolent dictatorship. This, however, occurs very rarely and there is nothing remotely benevolent about the Empirical rich club. Intoxicated by wealth and power it forges on in relentless pursuit of more, in total contempt for both humanity and the integrity of the planet's fragile environment that sustains us all. What is the answer? How do we turn back this tsunami of corporate domination aided and abetted by the politicians? The power is still with the people, but only when they are informed, unified, organized and determined. The general public of the rich world need to shake off their complacency - tear themselves away from the Xbox and television's expanding choice of entertainment channels for long enough to seek and disseminate the truth (not always easy in todays climate of political doublespeak and deliberate mass media misinformation) - to get angry enough to loudly and forcefully demand the restoration of their rights and freedoms. Real democracy needs to be restored or the future will continue to look bleak for the health of our world and it's inhabitants. |
 TOP 10 richest corporations 1 General Electric U.S. conglomerate 2 Royal Dutch Shell Oil and gas, U.K. 3 Toyota Motor Consumer Durables, Japan 4 Exxon Mobil Oil and gas, U.S.A. 5 British Petroleum Oil and gas, U.K. 6 HSBC Holdings Banking, U.K. 7 AT&T Telecoms, U.S.A. 8 Wall Mart Superstore chain, U.S.A. 9 Banco Santander Banking, Spain 10 Chevron Oil and gas, U.S.A.  Paperback: 240 pages
Publisher: Robinson Publishing
Joel Bakan is Professor of Law at the University of British Columbia and an internationally renowned legal authority. The Corporation is a slim handbook telling you everything you need to know about corporate power in six short, easily accessible chapters, accompanying one of the most powerful and engaging documentaries of the year. He starts by describing how the corporation rose from humble beginnings to become the world's most dominant institution—an institution that determines what we eat, watch, wear, where we work and what we do. The Corporation: The Pathological Pursuit of Profit
and Power, 2005
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