NewsWhore
09-23-2011, 03:10 PM
In his 15-minute speech to the United Nations 66th General Assembly in New York yesterday, President Fernandez urged the UN to add the item of speculative commodities trading to its agenda.
Fernandez spoke at a UN panel on Thursday, and called for a resolution to limit large trading positions, and other regulatory measures. Fernandez blamed Wall Street speculation for major fluctuations in food and oil prices that hit consumers at the gas pump and in the supermarket. He said financial speculation accounts for 30-40% of the rises in commodity prices.
During his speech, he also called for taxing money in offshore financial havens. He estimated the funds deposited at US$10 trillion, and said that 5% taxation of US$4 trillion would deliver US$20 billion a day, or US$100 billion a week.
The presidents of Chile, Dominican Republic, Peru, Suriname and Costa Rica are expected to deliver speeches on Thursday, the second day of debate of the 66th regular session of the UN General Assembly.
In the US, the Dodd-Frank Act, the financial regulatory overhaul enacted last year, requires the Commodity Futures Trading Commission to limit the amount of futures contracts that a single trader or firm can hold on certain commodities as of January 2012. As reported, the agency is considering a plan to enact trading limits on 28 commodities o oil, wheat, corn and the like. Existing position limits apply to only nine items.
Now President Fernandez is urging the United Nations to adopt a similar regulatory overhaul to limit trading.
More... (http://www.dr1.com/index.html#1)
Fernandez spoke at a UN panel on Thursday, and called for a resolution to limit large trading positions, and other regulatory measures. Fernandez blamed Wall Street speculation for major fluctuations in food and oil prices that hit consumers at the gas pump and in the supermarket. He said financial speculation accounts for 30-40% of the rises in commodity prices.
During his speech, he also called for taxing money in offshore financial havens. He estimated the funds deposited at US$10 trillion, and said that 5% taxation of US$4 trillion would deliver US$20 billion a day, or US$100 billion a week.
The presidents of Chile, Dominican Republic, Peru, Suriname and Costa Rica are expected to deliver speeches on Thursday, the second day of debate of the 66th regular session of the UN General Assembly.
In the US, the Dodd-Frank Act, the financial regulatory overhaul enacted last year, requires the Commodity Futures Trading Commission to limit the amount of futures contracts that a single trader or firm can hold on certain commodities as of January 2012. As reported, the agency is considering a plan to enact trading limits on 28 commodities o oil, wheat, corn and the like. Existing position limits apply to only nine items.
Now President Fernandez is urging the United Nations to adopt a similar regulatory overhaul to limit trading.
More... (http://www.dr1.com/index.html#1)