The US bombed Iran again this morning and Iran hit back at US assets across the Middle East. The war never ended, it just stopped being called one.
Michael West looks at what the fighting has done to prices at home: rice up 57 per cent, wheat up 51, cotton up 41, rubber up 32, soybeans up 24, wool up 21, palm oil up 20. Oil sits underneath all of it, because transport costs feed into everything else we buy.
The winners are the ones who can bury a price rise inside a commodity resale. In Australia that means the oil and gas exporters, who pay little tax, less again in royalties, and nothing at all on offshore production. The argument we’re offered instead is Pauline versus Albo.
#auspol #iran #trump
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00:00 Opening
00:26 Prices Since The Invasion
00:57 The Commodity Numbers
01:37 Who Benefits
02:34 Still Paying
Michael West established Michael West Media in 2016 to focus on journalism of high public interest, particularly the rising power of corporations over democracy. West was formerly a journalist and editor with Fairfax newspapers, a columnist for News Corp and even, once, a stockbroker.
