Re: [CrashList] Re: Warning Signs?

[M A Jones]

>the mere presence of unprocessed oil down there grants
> exchange-value to the field.

Oil in the ground can form a capital value for the owner of the asset. But
the capital is still only part of what has already been created. Its
objective counterpart is idle labour and resources elsewhere in the system,
that can potentially be mobilised to exploit the asset. Absent that, the
asset has no exchange value.

>This is because people believe that it will be
> worked later by labour, but if they believed the product will not be worth
more
> than the labour, capital, and normal rate of profit necessary to pump it,
they
> would not value the field more than surrounding land.

It cannot be worth more than the labour it embodies during extraction,
processing etc.


Mark


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