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| Finance for repression and speculation | Finance for repression and speculation |
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| The deputy prime minister asserts that the UK is a "beacon" for human rights (We won't be silent, Comment, 15 April). But the UK government has a long history of not just turning a blind eye to repressive regimes, but actively financing them. The people of Indonesia, Iraq, Ecuador and of Egypt are all still paying for loans to past oppressive dictators spent on British-made military equipment. | The deputy prime minister asserts that the UK is a "beacon" for human rights (We won't be silent, Comment, 15 April). But the UK government has a long history of not just turning a blind eye to repressive regimes, but actively financing them. The people of Indonesia, Iraq, Ecuador and of Egypt are all still paying for loans to past oppressive dictators spent on British-made military equipment. |
| The government department responsible, UK Export Finance, continues to back loans while carrying out no assessment of the human rights impacts, including last year for a chemical factory in Azerbaijan and nuclear power plant in China. The Liberal Democrats have policies to make major changes to UK Export Finance, including holding an audit into its debts and cancelling unjust loans to past dictators. But it is business secretary Vince Cable, now in charge of UK Export Finance, who has blocked any moves to do so. Assessments of the Lib Dems' time in government will be based on what they did, not empty words in newspaper articles. Tim Jones Policy officer, Jubilee Debt Campaign | The government department responsible, UK Export Finance, continues to back loans while carrying out no assessment of the human rights impacts, including last year for a chemical factory in Azerbaijan and nuclear power plant in China. The Liberal Democrats have policies to make major changes to UK Export Finance, including holding an audit into its debts and cancelling unjust loans to past dictators. But it is business secretary Vince Cable, now in charge of UK Export Finance, who has blocked any moves to do so. Assessments of the Lib Dems' time in government will be based on what they did, not empty words in newspaper articles. Tim Jones Policy officer, Jubilee Debt Campaign |
| • The nosedive taken by gold prices earlier this week is just the latest example of a speculatively driven commodity bubble – and one that has taken years to burst (Gold has had a good run but don't be surprised that it's falling, 16 April). | • The nosedive taken by gold prices earlier this week is just the latest example of a speculatively driven commodity bubble – and one that has taken years to burst (Gold has had a good run but don't be surprised that it's falling, 16 April). |
| Traders may have reacted with shock, but with 10 times more gold traded via derivative contracts in 2011 than has ever been mined, the market is prone to such dramatic volatility. | Traders may have reacted with shock, but with 10 times more gold traded via derivative contracts in 2011 than has ever been mined, the market is prone to such dramatic volatility. |
| Fortunately, in contrast to food and energy commodities, the damage done this time is more to commodity traders' profits than the ability of the poor to heat or eat. But until European decision-makers pull their fingers out on long-overdue reform of the commodity markets, we can expect to see more commodity bubbles – and ordinary people paying the price. Deborah Doane Director, World Development Movement | Fortunately, in contrast to food and energy commodities, the damage done this time is more to commodity traders' profits than the ability of the poor to heat or eat. But until European decision-makers pull their fingers out on long-overdue reform of the commodity markets, we can expect to see more commodity bubbles – and ordinary people paying the price. Deborah Doane Director, World Development Movement |
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