So, the UN finally admits it's Capitalism not welfare that is ending poverty!

[Anymouse]

Heres a specific example of a subsidy. In the US, Grain crops receive the highest level of subsidies, so we'll use them.

rest cut

Another example is the US oil industry. When oil was discovered in Oklahoma, thousands of speculators came to try their luck sinking wells across Okla., Tex., Kans., and La.

Because of heavy competition, the price of gasoline and oil products plunged, creating havoc (for oil producers, not for consumers). EW Marland was one of those speculators, became bankrupt by competition - Marland Oil is now Conoco - who later became a US Representative, then state governor. A bankrupted capitalist is always a good choice for Governor.

He crafted in those states the Interstate Oil Compact (OPEC for oil producing states in the South), demanded by oil companies to increase their revenues, which restricted oil company production, and forced up the price of gasoline, saving oil companies from their own capitalism by guaranteeing gasoline would be in short supply.
https://secure.wikimedia.org/wikipedia/e...W._Marland (Companies working hand-in-hand with government is termed fascism.)

That organisation still exists today, and still guarantees oil to be in short supply. http://www.iogcc.state.ok.us/ (Now the Interstate Oil and Gas Commission), ensuring that capitalism will never provide you lower gasoline or natural gas prices by continuing to regulate how much and which oil companies can produce oil and gas. They now promote themselves as a "Green" organisation (oil companies greenwashing the public).