Indonesia arrests over US mine (by Hajimari)

An Australian manager, Phil Turner, was detained following questioning, a Newmont spokesman said on Friday.

Three local workers and a US employee are already being held while they are quizzed by police.

Newmont denies polluting Buyat Bay in North Sulawesi, despite local complaints and health fears.

Richard Ness, president director of Newmont Mining Corp, was allowed to leave after he was questioned on Thursday, and was due to be questioned further, police said.

Local people have long complained about the mining company’s presence.

In August this year residents formally accused the Newmont mine of polluting the area.

The previous month a baby girl died of an illness which was blamed on pollution levels in the bay.

Locals say that chemicals dumped in the sea by the mining firm have caused a variety of problems, including Minamata disease – a neurological illness named after a Japanese bay where an outbreak struck in the 1950s.

Newmont employees will face questioning on Thursday about alleged environmental pollution and disposal of hazardous and toxic materials in Buyat Bay, according to Newmont spokesman Kasan Mulyono.

“We are co-operating fully with police, and we are confident we can prove that the allegations are false,” Mr Mulyono told BBC News Online.

He said that Newmont’s operation had complied with all Indonesia’s environmental standards, and the company’s presence in the area had not adversely affected the environment.

Richard Ness hit back with a strongly worded statement earlier this week.

“It is difficult to express in words the disgust that we feel regarding the false allegations,” he said.

“It is not true that our operations have affected the quality of the water or the health of the villagers. I repeat – that is not true.”

Bibliography

“BBC NEWS | Asia-Pacific | Indonesia arrests over US mine”. BBC News. 2/Oct/2009

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Welfare Triangle

Newmont Mining

test 2

The three companies asking for a bridge-loan supposedly want the money so that hundreds of thousands (some reports say as many as 2.6 million) jobs can be saved. But how could Ford, Chrystler and GM possibly maintain their labor force in a time of a recession when nobody is buying new cars in the first place? In the parlance of AP or IB Economics, automobiles are normal goods, ones for which demand falls as incomes fall. By definition, a recession in the United States means falling incomes. A government loan may allow the Big Three to keep making cars for the time being, but WHY WOULD THEY KEEP MAKING CARS when falling incomes point to falling demand in the immediate future? Making cars that nobody will buy represents a gross misallocation of the nation’s productive resources, not to mention taxpayers’ money. What is required of these industries is precisely what the government loan will prevent them from doing, DOWNSIZING, meaning the shrinking of their labor force as well as the number of plants in operation.

The US recession can not be avoided by allocating the nation’s scarce resources towards a bailout of the auto industry. In fact, it will be worsened because the capacity of any nation to emerge from a cyclical downturn requires the flexibility of the country’s labor force to adapt to the structural changes the country is experiencing in the era of globalization and free trade. America’s future does not reside in labor-intensive manufactured goods, especially in the production of a very expensive durable good for which demand falls drastically during recessions; specifically, automobiles.

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Wilkenomics

Introduction to Economics:

• Unit 1: Introduction to Economics

Microeconomics:

• Unit 2.1 Markets
• Unit 2.2 Elasticities
• Unit 2.2.1 Theory of Consumer Behavior (AP only)
• Unit 2.3.1 Costs of Production
• Unit 2.3.2 Pure Competition
• Unit 2.3.3 Pure Monopoly
• Unit 2.3.4 and 2.3.5 Monopolistic Competition and Oligopoly
• Unit 2.4 Market Failure and the Role of Government
• Unit 2.5 Resource Markets (AP Only)

Macroeconomics:

• Unit 3.1 and 3.2 Macroeconomics Indicators and Introduction to Economic Development.pdf
• Unit 3.3 Macroeconomic Models
• Units 3.4 Supply and Demand-side Policies
• Unit 3.5 and 3.6 Unemployment/Inflation and Distribution of Income

International Economics:

• Units 4.1 and 4.2 Reasons for Trade and Free Trade vs. Protectionism
• Units 4.3 and 4.4 Economic Integration and the WTO
• Unit 4.6 Exchange Rates
• Units 4.5, 4.7 and 4.8 Balance of Payments

Development Economics:

• Units 5.1-5.3 Sources of and Obstacles to Growth and Development
• Units 5.4 and 5.5 Growth and Development Strategies

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