Let's Hang the Baker

A Parable

Æthelred ruled a prosperous but isolated Kingdom, with but one authorized Baker named Cuin.

Being an industrious man, Cuin was not only a Baker but also a miller. The Kingdom was growing. Cuin was able to sell all bread he could make for one penny a loaf. That price yielded just enough to cover his costs and a small profit, not not enough to build more ovens or mills.

But Cuin could not raise his price. Grain was abundant in the Kingdom and there were many mills and bakers in neighboring Galicia, happy to sell bread for one penny. King Æthelred's coins were prized there.

When war broke out between Æthelred and Galicia, everything changed. No more bread came in. Æthelred's Kingdom had abundant grain but only one mill and baker. Cuin sold out his full production in minutes. People were starving. Cuin knew just what to do! Build more mills & ovens!

He saw he could quickly feed all the people and turn 100% of the Kingdom's abundant grain into bread by building three new mills and 20 new ovens. But he did not have the money. He calculated that if he raised the price to 10 Pennies, in one month he could make a lot more bread.

Naturally, King Æthelred's starving citizens were outraged. Raising the price of bread at the very time they needed it most! Profiteer! Windfall! Evil Devil! Inhuman! He should be giving the bread away!

Yet Cuin persevered the persecution because he knew it was in the best interest of all. Finally he had enough profits to build 3 new mills and 20 new ovens. He bought materials, hired workers, and went to work to feed the Kingdom.

Meanwhile, King Æthelred's most trusted advisors grew weary of Cuin's inhuman profiteering and price-gouging from the starving citizens of the kingdom. Something must be done! They advised the King to institute a Windfall Profits Tax on this wise: It was not fair!

So wise King Æthelred entered a Royal Decree that every baker and miller in the Kingdom owed the King a Windfall Profits Tax equal to Excess Profits above One Penny per loaf. The Sheriff was dispatched. Cuin did not have enough money to pay the tax. He was arrested.

The trial did not go well for Cuin. The evidence of his lack of any shred of human decency was overwhelming. Charging tenfold more for bread during a time of war and starvation was beyond the pity of any jury. Cuin was found guilty of crimes against humanity and duly hung.

And thus ended the days of the ruthless barbarian known as Cuin.

PS: The last US oil refinery with significant downstream unit capacity (Marathon, Garyville, Louisiana) was permitted / built in 1977.