President Fernandez in the Cepal event today.
SANTO DOMINGO. - President Leonel Fernandez said today the increase in oil prices will bring about political imbalance and difficulties for the continent’s countries to pay the foreign debt and also the fuel bill and blamed those jumps in on the lack of regulations over the United States investment banks
The chief executive, in a speech to open the 32nd Period of the Latin America and the Caribbean Economic Commission (Cepal), said there’s’ no explanation for the price of oil to climb 11 dollars in one day, as it did Friday in the world markets.
He asked the Latin America countries to reflect on what’s happening with the price of oil. "We’re in one of the most turbulent periods in history due the economic slowdown in the United States and the European Union and that’s an economic recession that has multiple effects in Latin America."
He said the volatility of oil prices has become a threat against governance and political stability and has brought about other problems in countries as diverse as Belgium and Spain.
For the chief executive the problem isn’t only the sluggish economy, but also the energy crisis, considered the most acute in history, a situation he said the international financial system hasn’t acted on to regulate and correct.
Fernandez called insufficient the 1.2 billion dollars the World Bank provided to help the developing countries most affected by the rise in oil, and that more aid is required from international organisms, to improve the mechanisms to pay loans and receive the funds.
Present in the activity, held in the Hilton hotel, were Cepal executive secretary Jose Luis Machinea, and senior government officials.
Written by: DanielB, 10 Jun 2008 4:00 PM
From: United States
I don't know, maybe it's just me, but I'm getting tired of Fernandez blaming all of the DR's woes on the US. I keep reading about how the DR banking system is so well organized, taxes coming in at an amzing rate, the creation of all sorts of new Government posts for his friends. And yet the bulk of the DR poulation is now spending more time than ever in the dark, with 14 hour blackouts.
I read about the deals that the Fernandez government is making to increase electric power generation, new plants, new systems, more companies willing to build generating staions in the DR. What's the problem Mr President ? All these deals are reported to be only weeks away in just about every newspaper, but they never happen. Instead, more government positions are handed out, the money stays in the governments pockets, and the people who re-elected you are left in the dark again and again. That's not a US created problem Mr President, that's ALL on you !
Written by: DanielB, 10 Jun 2008 4:03 PM
From: United States
Belial,
Have a ball responding to my last post with one of your Anti-American rants.
I need a good laugh.
Written by: Belial, 10 Jun 2008 4:09 PM
From: United States, Texas
http://www.eclac.org/cgi-bin/getP....sl&base=/tpl-i/top-bottom.xslThe work document ECLAC will submit for discussion at this year's meeting is "Structural Change and Productivity Growth, 20 Years Later. Old problems, new opportunities." In it, ECLAC proposes a medium and long term strategy to strengthen development in Latin America and the Caribbean through productive diversification, innovation and public-private alliances. [Old rubbish.]
[LF apparently took leave of the stupid "work document" and talked about the effects of speculation on oil futures fueled by big players, the investment banks.]
The official inauguration of ECLAC's Thirty-second session will take place on Tuesday, June 10 at 9:00 a.m. at the Hotel Hilton Santo Domingo, and will count with the participation of the President of the Dominican Republic, Leonel Fernández, and ECLAC Executive Secretary, José Luis Machinea.
Written by: Belial, 10 Jun 2008 4:36 PM
From: United States, Texas
Have a ball responding to my last post with one of your Anti-American rants."
0000
DanielB, I've never written one word that's "Anti-American" and never will.
Yes, I wrote about US imperialism, but that isn't "anti-American," because imperialism is contrary to US interests and values.
Yes, I wrote about GOPs overthrowing US democracy in 2000 and 2004 and their repudiation of the rule of law after 2000.
But that isn't anti-American, because the USA is the US PEOPLE UNDER CONSTITUTION.
Therefore, defense of the Constitution isn't anti-American because there is no "America" without the Constitution.
The rotten dictator George W. Bush told a group of GOP congressmen that "The US Constitution is nothing but a Goddamn piece of paper." But he treats the Constitution in domestic and foreign matters as if it were less that a piece of paper.
http://www.capitolhillblue.com/artman/publish/article_7779.shtmlBush and swine who follow him are "anti-American," not I.
Written by: buenoha, 10 Jun 2008 5:14 PM
From: Netherlands, Amsterdam
I work in the commodities trading financial sector. What Leonel is saying is absolutely right.
100%
Goldman Sachs commodity fund and other commodity funds are distorting structural balances on the commodities markets and driving up prices. There should be more regulation (read: taxes) for institutional investors on the commodity futures markets.
Written by: Belial, 10 Jun 2008 5:19 PM
From: United States, Texas
Neither Bush nor the swine who follow him care anything about the US people who overwhelmingly oppose his key domestic and foreign policies or care about the Constitution, their "Goddamn piece of paper."
Bush and his dictatorial riff-raff accuse anybody who says Bush is not above the law on election or after election day as "anti-American."
The GOP slime likes unlimited concentration of power into the hands of an election thief who unconstitutionally occupies the White House, so that this thief issues signing statements to over 2000 US laws saying he will not enforce these 2000 laws unless he wants to, violates US treaties, strips US people, under the USA Patriot Act, of their "RIGHT" to a trial by jury, to confront witnesses against them, to counsel at trial, to definite punishments, if any, and to protection against unreasonable searches and seizures.
Steal the "RIGHT" bestowed by a "Goddamn piece of paper," then the exercise of non-existent RIGHT quickly withers away.
Written by: Belial, 10 Jun 2008 5:37 PM
From: United States, Texas
"I work in the commodities trading financial sector. What Leonel is saying is absolutely right. "
"Goldman Sachs commodity fund and other commodity funds are distorting structural balances on the commodities markets and driving up prices. There should be more regulation (read: taxes) for institutional investors on the commodity futures markets."
ooooooooo
Exactly,
Like in 2000 and 2001, a lot Texas energy traders worked for unofficially bankupt companies which sought salvation from official bankruptcy through speculative trading of energy futures.
The Texas energy traders stole billions of dollars from California, but they went officially bankrupt anyway. Enron was just one of the looters.
Today, investment banks are unofficially bankrupt and they hope speculating in oil futures will save them from official bankruptcy.
The easiest way to do this is for the price of oil futures to keep rising.
It even looks legal.
Plus, even dumb traders can score big.
From: United States
Well said... Fernandez isn't a puppet of the US government
Written by: Belial, 10 Jun 2008 6:04 PM
From: United States, Texas
"Well said... Fernandez isn't a puppet of the US government"
00000
Sooner or later the stupid GOP regime in Washington has to recognize that arcane hanky-panky of the elite [investment banks] of the financial sector of the US bourgeoisie, operating or dominating the petroleum exchanges in NYC, London, and Singapore is out of control, because the hanky-panky now really hurts other sectors of the bourgeoisie.
These three petroleum exchanges set oil prices without the slightest imput from OPEC or OPEC members. NYMEX is the biggest.
http://www.nymex.com/lsco_pre_agree.aspxBut the slime who runs the US regime in Washington really doesn't know what, if anything, to do.
"Hi ya, George wants to know whether you know what he should do about the imminent collapse of the whole financial structure of capitalism? You got any ideas? George would really be appreciative. He says if you come up with something, don't hesitate to phone him even if he's on the ranch."
From: United States
How nice, to blame others and not accept responsibilities for your country's problems which had been pushed to valued itself along with the U.S. dollar. Where the government allows big business to do as it likes and over-price everything even when the economic is healthy. The problems are government irresponsibilities and a lack of efforts to fix it cause they are making the biggests profit ever, which is why they let go on and on. So whenever someone talks "crisis " everyone should say " who has it ". These latin-american governments are like dogs smelling a bitch-dog ass, folloing the U.S. Like the slave the cried " yes, master don't feel well, we have a pain ". The U.S. economic is slow, D.R. economic is hurting, prices in the U.S. go up, D.R. prices quadruples.....................
Written by: Belial, 10 Jun 2008 8:52 PM
From: United States, Texas
For 30 years, US reactionaries talked ecstatically about the beauty of un-regulation of business and markets and about the necessity and loveliness of privatization.
US reactionaries used their domination over the World Bank, IMF, IADB, etc., to impose their filthy economic policies on weaker countries.
These reactionaries ... who prefer to call themselves "conservatives" or GOPs (pronounced "gops") ... turned the US legislative process into an extortionist criminal enterprise, attaching blackmail conditions and ultimatums to bills dealing with other countries the US imperialists wanted to regulate.
Now, all of their free market stupidities are exposed as transparently worthless and the whole system of un-regulation and privatization verges on a massive breakdown.
US reactionaries suddenly say we had nothing to do with these worthless policies and these breakdowns. "Why are you looking at me. It's your problem. You must take responsibility."
Buck-passing imperialists
From: United States, New York City
The fact that speculators are putting their US dollars into oil futures is the effect, not necessarily the cause. It is the effect of the dollar being worth less and less for a barrage of structural reasons, many related to military adventurism, however it was unavoidable in the long run even without that war. The fact that the dollar is undergoing inflation means massive dollar-holders (incl. China and other sovereign nations) move into the futures. Remember the damage was already there before the capital began speculating this heavy ; take away the so-called speculating premium in the price of oil and you would probably still be in painful territory (80 -100 barrels) , even if oil was only trading on the spot without futures.
More generally it sounds to me like the system works. Most observers agree that long term supplies of oil are a very finite and unsure thing to continue building society on, and scientists are
warning us of other unwelcome side effects of their use. The
From: United States, New York City
(cont'd)
...The Speculators are only speeding up the inevitable and foreseeable via our economies' market systems.
Written by: Belial, 10 Jun 2008 10:45 PM
From: United States, Texas
"The fact that speculators are putting their US dollars into oil futures is the effect, not necessarily the cause."
oooo
Speculators are also putting euros and yens in their oil bets.
A horrible stench of securities fraud follows speculators where ever they go.
When they are scoring in a prolong streak, speculators seem to know what a security or what the whole market is going to do.
Then herd element among the mass of investors often ape or follow scorers and the speculators now are, for some reason, scoring ... big.
From: Canada
resident commie stooge remember the great bourgeoisie will grind and crush you under the wheels of their gilded carriages as they pass by...and you will be a grease spot on the highway of history
Written by: Belial, 10 Jun 2008 11:17 PM
From: United States, Texas
"resident commie stooge remember the great bourgeoisie will grind and crush you under the wheels of their gilded carriages as they pass by...and you will be a grease spot on the highway of history"
oooo
It sounds like your inspiration comes from a Spiderman comic book.
When you made your comment above, were you speaking as a buffoon or as a hack of the rightwing?
From: United States, New York City
Speculators may be putting all currencies into oil because the long term facts of oil are the same wherever on the planet you may be. Belial do you disagree about the long term facts of oil and oil consumption? If we both agree it is best for the planet and most nations to get off oil, then it seems to make little sense to castigate the market for getting this one right. As I mentioned even with the speculator's premium removed from these prices they are still far higher than they were and will trend upward and continue to put the hurt on everybody. If oil futures were banned it would only alleviate short term pain, and keep us burning oil for longer.
Securities fraud in commodity futures? Futures are not like the stuff we read about in headlines. Also as far as I know in every futures contract there is a winning speculator and a losing speculator; what do you mean they all know where the market is going? If the herd follows it must be composed of as many winners as losers.
From: Dominican Republic
Belial; I interpreted goulet's "theme" as a gregarious hyperbole of your positions. I interpret it that way every time he says it (a couple of times a day).
As a Maldito Gringo myself I appreciate your recognition that US Imperialism is not a product of the pueblo Americano. If I may expand upon your statement, in my opinion most of the “vilified” doctrines of US engagement in LA are actually expressions of true, honourable, & even wise social-democratic values.
If you look closely at the history of things like the Munroe Doctrine, for example, I think you will conclude that the doctrine itself is quite remarkable in its social progressiveness, which is what the US citizens had in mind when they authorized their government to execute policy based on that doctrine. Unfortunately however, somewhere between theory & application big business & big politics distorted the essence of the doctrine into a perverted monstrosity.
From: United States
Daniel B comments that the bulk of the country's problems lie in Presidente Fernandez and not the US. He states things about cronism and inaction. Did you fully comprehend what the issue is? Unregulated US banks giving out loans and mortgages to people who, under normal circumstances, would NOT be approved. QUE, asks Daniel? Yes. Let's simplify things. Let us bring the scale down to something more "realistic". Imagine a friend needs a loan to purchase something. When you analyze the situation carefully, you realize two things: 1) you can profit by making the loan; 2) your friend does not make enough money to pay back your loan in a timely manner. What would you do? What US banks would have done just several months ago was to approve such loans knowing that "your friend" was a "hign risk loan". In turn, investors of the banks are left with losses (defaults and foreclosures) and "bad" loans (high-risk loans, junk bonds). Get it! Compredes!
From: Dominican Republic
Bad lending strategies but still a far cry from; lend money to myeself and my friends at zero percent interest and spend it on helicopters and whores until my friend bails me and himself out by sending the public's money to fill the hole.....even the damn grigos couldn't fathom that one...probably just too dumb.....
From: Canada
wanker from wiki is in his glory ...he thinks his half baked economic theory makes a little sense....how pretentious you are You moron ! Nothing in this world succeeds like failure. What's good for Cuba is good for America!
From: United States
Republicans in the Whtie House.
1. We have to start a war with someone for the greater cause of Democracy & Profit.
2. Major Corporations start cashing in, while the everyone else below gets screwed.
3. Middle East becomes a threat (only with Republicans) so we have to throw Isreal into the mix, and start a shooting game. Hey more weapons, ammo, more money for the Republican Country Clubs.
4. Republican Elites, are only in toon with themselves, and not the rest of America or the world.
This is the formula that is used everytime they step into the White House, and America still keeps voting for the same BS. Wait for the next Republican to come into the White House, and you will see items 1 thru 4 be repeated.
From: Dominican Republic
UnderCover...Democrats wanted to bomb Iraq just as much as the Republicans did. Have you forgotten all the years Bill Clinton spent crying to the UN to do something while France and Germany stole all the money for the Oil for Food Program under the table? The difference is the Republicans prefer to put their balls in their own hands rather than just sulking back to the oRal office for some cheap ego stroking (or sucking as the case may be.)
From: Canada
Maldito how vulgar of you to say so......but it is true "Dutch " Reagan would not take his jacket off in the oval office and we have Bubba playing hide the salami with a 19 year old intern in the as you say the oral office.....He referred to it as going to the dentist
From: Dominican Republic
vulgar? what, me...no! Maldito yes but vulgar no.
Hey goulet...while we're on the theme of who got here first & all. I was thinking of proposing an amendment to Canada's national anthem. From some of the insults Belial and like company have thrown at you I figure that you must be Canadian & maybe you know the Queen or something and could give my suggestion to her.
"Oh Canada, our home the natives' land...
true hmm, hmm, hm, hmmmm
In all thy son's command...."
that reminds me, why does her son, Prince Charles get to decide what happens with Canada and Puerto Rico?
From: Canada
the most pathetic national anthem in the world it is so childish and banal I cringe.....but what the heck I am a dual national so I can sing " Jose can you see "
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I read about the deals that the Fernandez government is making to increase electric power generation, new plants, new systems, more companies willing to build generating staions in the DR. What's the problem Mr President ? All these deals are reported to be only weeks away in just about every newspaper, but they never happen. Instead, more government positions are handed out, the money stays in the governments pockets, and the people who re-elected you are left in the dark again and again. That's not a US created problem Mr President, that's ALL on you !
Have a ball responding to my last post with one of your Anti-American rants.
I need a good laugh.
The work document ECLAC will submit for discussion at this year's meeting is "Structural Change and Productivity Growth, 20 Years Later. Old problems, new opportunities." In it, ECLAC proposes a medium and long term strategy to strengthen development in Latin America and the Caribbean through productive diversification, innovation and public-private alliances. [Old rubbish.]
[LF apparently took leave of the stupid "work document" and talked about the effects of speculation on oil futures fueled by big players, the investment banks.]
The official inauguration of ECLAC's Thirty-second session will take place on Tuesday, June 10 at 9:00 a.m. at the Hotel Hilton Santo Domingo, and will count with the participation of the President of the Dominican Republic, Leonel Fernández, and ECLAC Executive Secretary, José Luis Machinea.
0000
DanielB, I've never written one word that's "Anti-American" and never will.
Yes, I wrote about US imperialism, but that isn't "anti-American," because imperialism is contrary to US interests and values.
Yes, I wrote about GOPs overthrowing US democracy in 2000 and 2004 and their repudiation of the rule of law after 2000.
But that isn't anti-American, because the USA is the US PEOPLE UNDER CONSTITUTION.
Therefore, defense of the Constitution isn't anti-American because there is no "America" without the Constitution.
The rotten dictator George W. Bush told a group of GOP congressmen that "The US Constitution is nothing but a Goddamn piece of paper." But he treats the Constitution in domestic and foreign matters as if it were less that a piece of paper.
http://www.capitolhillblue.com/artman/publish/article_7779.shtml
Bush and swine who follow him are "anti-American," not I.
100%
Goldman Sachs commodity fund and other commodity funds are distorting structural balances on the commodities markets and driving up prices. There should be more regulation (read: taxes) for institutional investors on the commodity futures markets.
Bush and his dictatorial riff-raff accuse anybody who says Bush is not above the law on election or after election day as "anti-American."
The GOP slime likes unlimited concentration of power into the hands of an election thief who unconstitutionally occupies the White House, so that this thief issues signing statements to over 2000 US laws saying he will not enforce these 2000 laws unless he wants to, violates US treaties, strips US people, under the USA Patriot Act, of their "RIGHT" to a trial by jury, to confront witnesses against them, to counsel at trial, to definite punishments, if any, and to protection against unreasonable searches and seizures.
Steal the "RIGHT" bestowed by a "Goddamn piece of paper," then the exercise of non-existent RIGHT quickly withers away.
"Goldman Sachs commodity fund and other commodity funds are distorting structural balances on the commodities markets and driving up prices. There should be more regulation (read: taxes) for institutional investors on the commodity futures markets."
ooooooooo
Exactly,
Like in 2000 and 2001, a lot Texas energy traders worked for unofficially bankupt companies which sought salvation from official bankruptcy through speculative trading of energy futures.
The Texas energy traders stole billions of dollars from California, but they went officially bankrupt anyway. Enron was just one of the looters.
Today, investment banks are unofficially bankrupt and they hope speculating in oil futures will save them from official bankruptcy.
The easiest way to do this is for the price of oil futures to keep rising.
It even looks legal.
Plus, even dumb traders can score big.
00000
Sooner or later the stupid GOP regime in Washington has to recognize that arcane hanky-panky of the elite [investment banks] of the financial sector of the US bourgeoisie, operating or dominating the petroleum exchanges in NYC, London, and Singapore is out of control, because the hanky-panky now really hurts other sectors of the bourgeoisie.
These three petroleum exchanges set oil prices without the slightest imput from OPEC or OPEC members. NYMEX is the biggest.
http://www.nymex.com/lsco_pre_agree.aspx
But the slime who runs the US regime in Washington really doesn't know what, if anything, to do.
"Hi ya, George wants to know whether you know what he should do about the imminent collapse of the whole financial structure of capitalism? You got any ideas? George would really be appreciative. He says if you come up with something, don't hesitate to phone him even if he's on the ranch."
US reactionaries used their domination over the World Bank, IMF, IADB, etc., to impose their filthy economic policies on weaker countries.
These reactionaries ... who prefer to call themselves "conservatives" or GOPs (pronounced "gops") ... turned the US legislative process into an extortionist criminal enterprise, attaching blackmail conditions and ultimatums to bills dealing with other countries the US imperialists wanted to regulate.
Now, all of their free market stupidities are exposed as transparently worthless and the whole system of un-regulation and privatization verges on a massive breakdown.
US reactionaries suddenly say we had nothing to do with these worthless policies and these breakdowns. "Why are you looking at me. It's your problem. You must take responsibility."
Buck-passing imperialists
More generally it sounds to me like the system works. Most observers agree that long term supplies of oil are a very finite and unsure thing to continue building society on, and scientists are
warning us of other unwelcome side effects of their use. The
...The Speculators are only speeding up the inevitable and foreseeable via our economies' market systems.
oooo
Speculators are also putting euros and yens in their oil bets.
A horrible stench of securities fraud follows speculators where ever they go.
When they are scoring in a prolong streak, speculators seem to know what a security or what the whole market is going to do.
Then herd element among the mass of investors often ape or follow scorers and the speculators now are, for some reason, scoring ... big.
oooo
It sounds like your inspiration comes from a Spiderman comic book.
When you made your comment above, were you speaking as a buffoon or as a hack of the rightwing?
Securities fraud in commodity futures? Futures are not like the stuff we read about in headlines. Also as far as I know in every futures contract there is a winning speculator and a losing speculator; what do you mean they all know where the market is going? If the herd follows it must be composed of as many winners as losers.
As a Maldito Gringo myself I appreciate your recognition that US Imperialism is not a product of the pueblo Americano. If I may expand upon your statement, in my opinion most of the “vilified” doctrines of US engagement in LA are actually expressions of true, honourable, & even wise social-democratic values.
If you look closely at the history of things like the Munroe Doctrine, for example, I think you will conclude that the doctrine itself is quite remarkable in its social progressiveness, which is what the US citizens had in mind when they authorized their government to execute policy based on that doctrine. Unfortunately however, somewhere between theory & application big business & big politics distorted the essence of the doctrine into a perverted monstrosity.
1. We have to start a war with someone for the greater cause of Democracy & Profit.
2. Major Corporations start cashing in, while the everyone else below gets screwed.
3. Middle East becomes a threat (only with Republicans) so we have to throw Isreal into the mix, and start a shooting game. Hey more weapons, ammo, more money for the Republican Country Clubs.
4. Republican Elites, are only in toon with themselves, and not the rest of America or the world.
This is the formula that is used everytime they step into the White House, and America still keeps voting for the same BS. Wait for the next Republican to come into the White House, and you will see items 1 thru 4 be repeated.
Hey goulet...while we're on the theme of who got here first & all. I was thinking of proposing an amendment to Canada's national anthem. From some of the insults Belial and like company have thrown at you I figure that you must be Canadian & maybe you know the Queen or something and could give my suggestion to her.
"Oh Canada, our home the natives' land...
true hmm, hmm, hm, hmmmm
In all thy son's command...."
that reminds me, why does her son, Prince Charles get to decide what happens with Canada and Puerto Rico?