[GreeniFi]

It was my comment and I’d like to reply to that specific point, elaborating my initial comment: a true balance sheet is beyond the purely financial. It covers natural capital and social capital too. It’s only the narrow contemporary understanding of balance sheet that means that so many costs (and gains) are hidden to us and therefore ignored. Part of society’s problem is the phoney baloney system of financial accounting that leaves so much unaccounted for. To refine my initial point: there will be many horrific costs to this mess. Some poor sod will end up paying the cost. If owners think they can escape full liability, they will continue to take risks because they can privatize the profit and socialize the costs.

[crumbshot]

> A true balance sheet is beyond the purely financial. It covers natural capital and social capital too.

> To refine my initial point: there will be many horrific costs to this mess. Some poor sod will end up paying the cost. If owners think they can escape full liability, they will continue to take risks because they can privatize the profit and socialize the costs.

Thank you for elaborating, I entirely concur with the sentiment of the above, even if we differ on terminology.

To refine my original my point too, please consider it a comment on the unfortunate connotations of using the term 'balance sheet' for this concept - without further information, it's unclear if it's being used in a purely business financial context or not.

[GreeniFi]

Every man has a balance sheet associated with his person: a sum of all his assets and liabilities, burdens and obligations. It captures one’s true wealth (or poverty). A large part of its content can only be settled in the political realm. If it’s not a balance sheet, I don’t know what else to call it.

[crumbshot]

Sounds like poetry for accountants.

[nradov]

Which "owners" are you referring to? It appears that the ship was seized from the legal owners. There is no functioning government or court system there.