Sarkozy targets commodities in G20 agenda

[Joanne98]

Source: Reuters

French President Nicolas Sarkozy called on Monday for new rules to curb commodity price volatility, warning as he laid out his G20 agenda that the world risks food riots and weaker growth if leaders fail to act.

Addressing 300 diplomats and journalists at his Elysee palace to kick off his stewardship of the G20, Sarkozy seemed to row back on other stated goals of exploring changes to the global monetary system and the dollar's role as reserve currency and reforming global economic governance.

Focusing on better transparency and regulation of commodities markets may allow Sarkozy to achieve real progress, after recent meetings with world leaders such as U.S. President Barack Obama and China's Hu Jintao indicated he would struggle to win unanimous support for broader issues.

"How can you explain that we regulate money markets and not commodities?" Sarkozy said, speaking in an ornate ballroom in only the third major Paris-based news conference of his presidency.



Read more: http://www.reuters.com/article/idUSTRE70N5CC20110124

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We need a wikileaks for the CME!

[SpiralHawk]

1. "Screw the starving. There are mega-profits to be made." - RepubliCorp & RepubliCrony Speculators

[Joanne98]

2. Great cartoon

[SpiralHawk]

3. Some things are eternal

Republicons screwing people with speculation to make a fat profit is, alas, one of them...

[Bobbysox22]

4. The underlying problem is the oil cartel.

Fertilizer is made from it. Distribution absolutely depends on it.

[DCKit]

5. If by "oil cartel" you mean "commodities traders", I would agree.

But they've got their mitts on all commodities, including the things that are grown and/or transported with oil products.

It is not in Saudi Arabia's interests to antagonize the rest of the world to the point that other governments begin to wonder if a regime change might be in order.