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April 18, 2005
G7 Finance Ministers Issue Another Oil Caution
The Deep Blade Journal, my major source for understanding global oil issues, noted on April 17, 2005 that: "the money managers from the world's wealthiest country (sic) met this weekend in Washington where they discussed their usual agenda of how best to extend extreme neoliberal policies -- for example, opening the Chinese currency to speculation under the guise of correcting ``imbalance'', denying struggling people in poor countries debt relief through endless ``case-by-case analysis of HIPC [Heavily Indebted Poor Countries] countries'', and keeping these same countries and their people wide open for foreign exploitation and easy repatriation of profits -- while destroying unions and our local manufacturing jobs in the process.But this time they had to sooth nervous capitalists with a salve of faux bullishness in order to explain away the recent slide on Wall Street -- often a leading sign of deepening economic hard times."
The money managers from Japan, Britain, Germany, France, Italy and Canada met at a time when high oil prices have them running scared. They said, according to Deep Blade Journal, that "Higher oil prices are a headwind, and the expansion is less balanced than before. We welcome efforts to improve oil market data, increase medium-term energy supply and efficiency." Is this a departure from the line they took at the tenth G7 meeting in Washington, DC on October 2, 2004? Read this post at the Deep Blade Journal for some perspective.
Posted by Munir Umrani at April 18, 2005 06:39 AM
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