Peabody Coal's Bankruptcy: Invisible Hand Pushes Peabody Under

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This is a guest post by ClimateDenierRoundup crossposted from Daily Kos.
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The worldโ€™s largest privately owned coal company, Peabody Energy Corporation,ย filed for bankruptcy this week.ย This is the latest in a string of big bankruptcies in the industry, as Alpha, Arch and Patriot Coal have all gone under recently. As Alpha and Archโ€™s filings both revealedย funding for anti-climate activists, perhaps Peabody’s filing will reveal more information about the company’s attempt toportray coal as an answer to poverty.

Regardless, this bankruptcy has already triggered aย fresh waveย of attacks about President Obama’s supposed โ€œWar on Coal.โ€ Bizarrely,ย one column at the American Thinkerย contradicted itself by saying that the โ€œwar on coal claimed its most significant victimโ€ before concluding that regulations โ€œare not playing a decisive role in Peabodyโ€™s troubles.โ€ As usual, the reality is more complicated than the catchphrase.

Since climate regulations arenโ€™t to blame, what is? With a single sentence,ย Kate Sheppard explainsย the situation: โ€œWhatโ€™s driving the coal industry into bankruptcy is the free market โ€” competition from cheaper, more abundantย natural gasย andย renewable energy.โ€

It would stand to reason, then, that the various denier groups that glorify the free market would hail this bankruptcy as a triumph of capitalismโ€™s omniscient invisible hand at work.
Instead, theyโ€™ll probably ignore reality and stick to their โ€œWar on Coalโ€ talking points, since they’re as intellectually bankrupt as these coal companies are literally bankrupt.

Image credit:ย A protest outside of Peabody Coal in St. Louis, by tolkien1914 via Flickr CC.
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