Capitalism is in Hot Water

by Michael G. Livingston / November 2005 issue of Socialist Action newspaper

As this is being written, Hurricane Wilma has just ravaged Florida after doing a number on Mexico and Cuba. At the same time, scientists are warning of massive die-offs of Antarctic fish and the melting of the polar ice cap in the Arctic.

What do these seeming unconnected events have in common? The short answer is hot water. The long answer is rising sea temperatures caused by global warming. Warming ocean waters have fueled the hurricanes, increasing both their frequency and their intensity.
The ocean waters, in turn, have been warmed from heat trapped in the atmosphere by human-produced greenhouse gases.

It takes lots of energy to heat the oceans. Stored energy, in the form of higher water temperatures, is the ultimate cause of hurricanes. While it took the oceans longer to heat up than the atmosphere, they will also take longer to cool off.

Once a giant boulder starts rolling down a hill it does not stop until it gets to the bottom. The same is true of ocean warming and hurricanes. The most recent hurricane season is not a fluke—it is the future. In the Antarctic the waters are warming at a rate far faster than predicted by models of global warming. The water has already warmed over 1C, and 20 percent of the sea ice cover around the continent has disappeared since 1979.

Two consequences follow from the warming of the waters in the Antarctic. First, many marine species that depend on stable, cold temperatures will die off, followed immediately afterwards by the penguins and seals that feed on them.

Second, since less ice will form on the water during the winter, the water will not be insulated and will warm at an even faster rate. This positive feedback loop will increase the rate at which the oceans warm—melting even more ice and creating even more hurricanes (see David Adam, “Ocean Warming Threatens Antarctic Wildlife,” Guardian, Oct. 19, 2005).

Meanwhile, up at the North Pole, the ice cap shrunk this past summer to its smallest area ever recorded. At the present rate, within 20 to 30 years, the North Pole will be free from ice during the summers.

The shrinking of the polar ice cap has started a capitalist feeding frenzy. Shipping through Arctic routes would save thousands of miles over current routes. There are three potential routes: the Northwest Passage from the eastern U.S. to Asia, the Arctic Bridge from Norway and Russia to Canada, and the Northern Sea Route, from Europe to East Asia across the north of Russia.

The melting of the cap also opens up new fisheries to commercial exploitation. But the real prize is under the sea—oil and natural gas (see Clifford Krauss, Steven Lee Myers, Andrew C. Revkin, and Simon Romero, “As Polar Ice Turns to Water, Dreams of Treasure Abound,” The New York Times, Oct. 10, 2005).

As most oil-producing countries fast approach Hubbert’s Peak, the point when 50 percent of their total oil supply is used up, the last remaining extensive reserves are found in the Arctic. This oil and natural gas is difficult to drill for and to transport (and hence expensive), but with shrinking supplies and growing demand, it is a treasure no capitalist could resist.

The problem, of course, is that with continued reliance on the internal combustion engine, the main use of oil in the world, we produce more greenhouse gases, and the hotter the planet gets.

Continued reliance on the auto and its internal combustion engine is only part of the problem. The melting of the polar ice cap creates another positive feedback loop. Without the cap to insulate the water and reflect sunlight, the water will get warmer faster, accelerating global warming.

A second positive feedback loop may also come into play—methane frozen in the permafrost could be released as the permafrost melts. Currently, permafrost is melting like never before across northern Russia, Canada, and Alaska (Andrew C. Revkin, “No Escape: Thaw Gains Momentum,” The New York Times, Oct. 25, 2005).

Capitalism has gotten us all in hot water. The expression “in hot water” comes from a so-called test for witches. Women accused of witchcraft were placed in hot, boiling water. Those who did not die, generally confessed—and were then put to death by other means.

Now capitalism is boiling the human race alive in hot water. We have nothing to confess, but we have much to do, starting with changing the crazy economic system of capitalism that has placed us in this hot water in the first place.

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[Editor’s note: We reprint this article by the Committee for the Abolition of Illegitimate Debt (CADTM). In 1989, the Bastille Appeal was launched, inviting popular movements throughout the world to unite in demanding the immediate and unconditional cancellation of the debt of the so-called developing countries. This crushing debt, along with neo-liberal macro-economic reforms imposed on the global South, has led to an explosion of worldwide inequality, mass poverty, flagrant injustice and the destruction of the environment.


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