Fernandez New York Itinerary Translation

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Dominican Republic Calls For End To Food As 'Financial Asset'

Dominican Republic Calls For End To Food As 'Financial Asset'


NEW YORK -(Dow Jones)- The President of the Dominican Republic on Thursday railed against excessive speculation in energy and commodities markets, blaming Wall Street for social unrest in developing countries related to volatile food prices.

Regulation should, "ban the use of food as a financial asset," said President Leonel Fernandez, speaking to U.S. regulators, activists and leaders of several Latin American countries concerned about the role of speculators in recent commodity price spikes.

President Fernandez will present several resolutions to the United Nations General Assembly this week designed to push for greater international regulation of grains, oil and other basic goods.

The sharp rise in oil and agricultural prices in recent years has increased calls from governments and some market watchers to limit the size of speculative positions, halt the rise of high-speed trading and use other regulatory tactics to reduce the influence of speculators in derivatives.

-By Jerry A. DiColo, Dow Jones Newswires; 212-416-2155, jerry.dicolo@ dowjones.com

Plan for Trading Limits Goes International - NYTimes.com


Plan for Trading Limits Goes International
Seth Wenig/Associated Press
Leonel Fernandez, left, president of the Dominican Republic, and United Nations secretary general, Ban Ki-moon, at the General Assembly on Monday.





International politicians and regulators urged the United Nations on Thursday to add a new item to its already packed agenda: speculative commodities trading.

Leonel Fernandez, president of the Dominican Republic, will propose to the United Nations General Assembly this week a resolution that would limit large trading positions, among other regulatory measures. Mr. Fernandez, speaking at an United Nations panel on Thursday, blamed Wall Street speculation for major fluctuations in food and oil prices.

“This is a major problem for our economy and our citizens,” he said.

But past efforts to rein in speculative trading have stalled.

Over the last few years, as Wall Street has ramped up its speculation in the futures market, the prices of the underlying commodities have gyrated wildly, ultimately hitting consumers at the gas pump and in the supermarket.

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.

The so-called position limits plan has emerged as one of the most contentious matters at the agency, which received some 13,000 public comment letters on the issue. Indeed, Wall Street has moved to tame the plan, dispatching an army of lawyers and lobbyists to the agency.

“There are people out there who are violently opposed,” Bart Chilton, a Democratic member of the commodity commission, said at the United Nations panel on Thursday.

He noted that some groups are threatening legal challenges to the rules. Dodd-Frank leaves it up to the agency to enforce potion limits “as appropriate.” Some Wall Street firms have interpreted the fine print to mean that, in fact, no limits are appropriate.

“People are trying to dance on the head of a legal pin,” Mr. Chilton said.

While the limits were supposed to kick in during January, the agency has not yet finalized the plan. It is planning to meet in early October to vote on an updated version of the rules.

For now, the agency is considering a plan to enact trading limits on 28 commodities — oil, wheat, corn and the like. Existing position limits apply to only nine items.

The Dominican Republic will urge the United Nations to adopt a similar regulatory overhaul that includes position limits and requirements that Wall Street firms post more margin when trading.

“If we were talking about commodities like botox, Red Bull and Twinkies – who cares?” said former Senator Byron Dorgan, a Democrat from North Dakota who pushed to include position limits in Dodd-Frank. “But we’re talking about food and energy, things that everyone needs.”

President Leonel Fern?ndez of the Dominican Republic



Latin American States at UN focus on financial crisis, suggest transaction tax


22 September 2011 – Blaming speculation for the high price of food and oil, and arrogance and greed for the global economic crisis, the Dominican Republic called at the United Nations today for new market rules and proposed a 5 per cent tax on financial transactions to spur growth and prosperity.

With $4 trillion circulating every day untaxed around the world in financial transactions, such a tax would bring in $4.8 trillion annually, Dominican Republic President Leonel Fern?ndez told the General Assembly on the second day of its 66th annual General Debate.

“Mr. President, $4.8 trillion would not only solve problems related to some countries’ sovereign debt but at the same time there would be enough fresh resources for investing, which would allow a rapid recovery from the current financial and economic world crisis,” he said.

If it was felt that this is not an appropriate way for States to collect income, he noted that more than $10 trillion deposited in tax havens, increasing by $600 billion each year, without a dime entering the tax department of any Government, he added.

“In sum, we are forced to accept an increasingly alarming situation of social injustice because of the indisputable and uncontrollable power held by a circle of the world economic elite,” he declared, singling out financial speculation in food and oil, which saw prices of soy, corn, rice and wheat increase by between 107 and 136 per cent from 2006 to 2008, adding 150 million more people to those who go hungry around the world for a total of over 1 billion.

Citing international analysts for figures showing that 30 to 40 per cent of increases for commodities are attributable to financial speculation on futures contracts, he called for limits on the volume of such insurance companies, investment banks, pension funds, and equity funds that are in no way involved in the physical handling of the product, along with an increase in deposit guarantees to disincentive speculative transactions that only contribute to price volatility.

The global financial crisis has been produced by “by a lack of clear rules in the international financial system, by arrogance, by greed, and by an uncontrolled eagerness for amassing wealth,” he said.


President Sebasti?n Pi?era Eche?ique of Chile noted the need for concerted action by the UN and other global bodies to deal with financial and other crises in an increasingly inter-connected world.

“For example, financial crisis, in addition to becoming more frequent, have increasing regional and global implications,” he told the Assembly. “The evils of modern society, such as terrorism, drug trafficking and organized crime now know no frontiers, territories or jurisdictions.

“And any attempt to deal effectively with global warming, natural catastrophes, health emergencies, hunger and extreme poverty will require much more concerted and effective action by the community of nations and international bodies such as the United Nations, the World Bank, the International Monetary Fund (IMF) , the Group of 20, trade organizations and other global and regional bodies.”

In a separate meeting with Secretary Ban Ki-moon Mr. Pi?era discussed the challenges of middle-income countries, such as income distribution, as well as access to education and health services for all. Mr. Ban recognized Chile’s important contribution to UN operations in Haiti.

President Ollanta Humala of Peru noted that the risks looming over Latin American economies stem from problems originating in the United States, Europe and Asia, such as the high levels of public debt and unemployment.

“Latin American countries are learning to overcome the chronic vulnerability in the face of these crises,” he said in an address that touched on a host of issues ranging from coca cultivation and trans-national crime to strengthening democratic institutions and respecting indigenous peoples.

“We have decided to act in a concerted way, coordinating policies to strengthen our economic fundamentals and oversee our financial systems,” he added, stressing the commitment to integration and noting that Latin America is the region with the greatest inequality in the world.

Also touching on financial issues, Bolivia’s President Evo Morales called for the creation of alternative financial bodies. The International Monetary Fund (IMF) had shut off Bolivia’s access to international credit and placed conditions on loans, providing credits to transnational companies instead, he told the Assembly yesterday.

He also called for reform of the 15-member Security Council, where a small group of countries now decide on interventions. “It’s a Security Council for whom?” he asked. “It’s the insecurity council for the Presidents of people who seek cultural and social liberation and recovery of their economic resources.”

President Porfirio Lobo Sosa of Honduras said all sectors of his Central American country had been consulted on the creation of a national plan for equitable economic growth, salaries and productivity in the face of the global economic and financial crisis.

Widespread reform of the education system and the provision of equal opportunities had been made priorities, a family help programme hoped to reach about half of the country’s families by 2012, and a nutrition-assistance programme was also under way, he told the Assembly yesterday. As for sustainable development, Honduras was involved in shark-preservation programmes and had signed instruments on reducing global warming and controlling chemical products.

Latin American States at UN focus on financial crisis, suggest transaction tax

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I am just wondering what good a visit by the head of the Palestinian Authority will do for the Dominican Republic? Do we really want a group of Palestinian tourists here, converting the DR into a country on a "watch list" for harboring possible terrorists? I realize that this is harsh, but remember that these are the same people that killed the Israeli athletes in Munich, that pushed a guy in a wheelchair off of a cruise ship and a whole string of other barbarous acts. They helped ruin the world as we older folks knew it. I would not like to see them in the Dominican Republic, and I cannot see any up side to this.

Do we need bomb making teachers here? Do we need rock throwing classes?

I am reminded of an anecdote about Golda Meir. During one of the many meetings with Palestinian leaders, Meir said that she was reminded of an incident in Old Times when Moses, walking in the desert, found an oasis and decided to take a bath. He took off his clothes and placed them in a neat pile and went swimming.

When he came back, the clothes were gone! Moses immediately yelled "It was a Palestinian that stole my clothes!"

The Palestinian delegate jumped to his feet and yelled:"There was no Palestine back then!"

And Golda Meir just said "Ah Hah!" and sat down.

HB

Sublime hypocrisy - campaigning against international speculation - what about fuel and rice prices in the DR?

Delusions of grandeur - thinking he could play a role in the Middle East peace process.

Gotta love DR1, you can even have your fix of HILARIOUS Golda Meir joke

Hillbilly said:

I am just wondering what good a visit by the head of the Palestinian Authority will do for the Dominican Republic? Do we really want a group of Palestinian tourists here, converting the DR into a country on a "watch list" for harboring possible terrorists? I realize that this is harsh, but remember that these are the same people that killed the Israeli athletes in Munich, that pushed a guy in a wheelchair off of a cruise ship and a whole string of other barbarous acts. They helped ruin the world as we older folks knew it. I would not like to see them in the Dominican Republic, and I cannot see any up side to this.

Do we need bomb making teachers here? Do we need rock throwing classes?

I am reminded of an anecdote about Golda Meir. During one of the many meetings with Palestinian leaders, Meir said that she was reminded of an incident in Old Times when Moses, walking in the desert, found an oasis and decided to take a bath. He took off his clothes and placed them in a neat pile and went swimming.

When he came back, the clothes were gone! Moses immediately yelled "It was a Palestinian that stole my clothes!"

The Palestinian delegate jumped to his feet and yelled:"There was no Palestine back then!"

And Golda Meir just said "Ah Hah!" and sat down.

HB

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these are not the same people, as most of them have been hunted down and killed. now if you are talking about palestinians as a people, might i remind you of the rather large amount of german tourists who come to the dr? rumor has it that they as a people have done their fair share of barbarous acts against jews, as well as changed the world as it was know at the time twice.

as far as the visit goes: another rumor has it that the palestinians are going to introduce a rather controversial topic in the general assembly, which they want those in attendance to vote on. hence, they were most probably pleading their case with leonel, and trying to collect votes.

Mariot said:

these are not the same people, as most of them have been hunted down and killed. now if you are talking about palestinians as a people, might i remind you of the rather large amount of german tourists who come to the dr? rumor has it that they as a people have done their fair share of barbarous acts against jews, as well as changed the world as it was know at the time twice.

as far as the visit goes: another rumor has it that the palestinians are going to introduce a rather controversial topic in the general assembly, which they want those in attendance to vote on. hence, they were most probably pleading their case with leonel, and trying to collect votes.

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I doubt it, Leonel has openly supported a Palestinian state, so no begging necessary. Hamas....etc are already in Mexico and Venezuela, the DR becomes another potential lunching pad to the USA.

AlterEgo said:

Since there is the rather prominent Lebanese Syrian Palestinian Club on the Malecon west of Churchill, I've always assumed Santo Domingo had a good population of all of them, and for many generations.

Is this not so?

Two of my cunada's sisters married Lebanese men in SD, one couple in particular is verryyy well off.

AE

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Lebanese Christians I believe most of those in the DR ARE.

kimbjorkland said:

hamas launch pad into america from dr. what next? bolsheviks in your toilet?

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Operatives have already been caught trying to sneak across the Mexican American border, and they have been observed as operatives within several Mexican cartals. As for Venezuela, Chavez will entertain any nutbar organization that is anti-American, and it seems anryi-Jewish as well. Perhaps you are the one that needs to take off your blinders. Fanatic Islamic terrorists are a true danger. Of course, Leonel may be is just trying to figure out how to get a disproportionate amount of UN Aid from the experts. All of Africa gets almost less than that little sliver of land called Gaza, where they have one of the highest incidents of childhood obesity in the world.

kimbjorkland said:

You need to stop watching Fox News, it rots your brain and your ability for critical thinking.

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Sorry dude, I do not watch Fox news, and have had the ability to think for myself since pre-school. I have a keen interest in world affairs, am not religious nor consider myself to abscribe to any particular political party. I watch and read an assortment of news sources, many that call themselves progressive or Liberal. I also read conservative sources and draw my own opinions based on numerous years of intelligence briefings and personal observance in my travels around the world. I have spent a wee bit of time in some of the worlds hellholes. My parents have always been keenly interested in current events and come from diverse cultural backgrounds. I grew up discussing the pros and cons of both sides of an argument. Seems you like to try and pigeon-hole people who don't have your view point.