Wednesday, June 23, 2010

Obama and the Gulf Oil Spill - An Exercise in Wealth Redistribution

In response to the BP oil spill in the Gulf, President Obama has imposed a 6 month drilling ban on all offshore oil drilling. This has supposedly been done in the name of safety and environmental concerns; however let’s look at another possible motive – wealth redistribution.

August 15, 2009 it is reported by Bloomberg that in the second quarter of 2009 George Soros purchased $811 million of stock in Brazilion oil company Petrobras:

George Soros invests $811 million in Brazilion oil company Petrobras

August 18, 2009 it is reported by the Wall Street Journal that the Obama administration has agreed to provide $2 billion in loans to Brazil’s state owned oil company Petrobras for the purpose of offshore oil exploration:

Obama administration commits $2 billion to Brazil for offshore oil exploration

Ignore for the moment the possible illegality of George Soros' timely investment just days before the Obama funding information is released. Let’s focus on the offshore ban and Obama’s commitment to loan Brazil money for offshore oil drilling exploration.

Those who have been studying Obama and his past are by now familiar with his commitment to “redistributive policies”. In short, one of his fundamental driving motivations is to take as much money away from those who have it and redistribute it to those who don’t. This is a well documented fact.

We’re not just talking about wealth redistribution between the rich and poor here in the United States; Obama’s vision goes far beyond the borders of the USA. His vision is to redistribute wealth on a global scale. He believes that America and other “rich” countries are using too many resources and have acquired far too much of the worlds wealth at the direct expense of the poorer countries. He intends to change that.

Further, his redistributive perspective would land a country like Great Britain clearly on the side of the “haves”. Therefore a company like BP represents part of the problem and is a target of his redistributive policies.

How much wealth could potentially be redistributed by shutting down oil exploration off the shores of the US and encouraging those assets to be developed in Brazil? How much does George Soros stand to make off of his investment in Petrobras?

Think of the immediate transfer of wealth that would occur as the labor and jobs associated with all of that oil production evaporate from the US and BP and move to foreign countries, especially Brazil, with the help of your tax dollars. This is redistributive policy in action. Obama is driven by his ideology and is opportunistic in his approach to implementing these policies, and understands that a simple tax and spend approach will only take his agenda so far. He is using this natural disaster as an opportunity to further his radical agenda on several fronts, this redistributive aspect is but one element of his radical response to this tragedy.

No comments:

Post a Comment