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...birthed and nurtured by his Labor predecessors Bob Hawke and Paul Keating. In 2008, Rudd's proposal sounded like a pipe dream. Today, he argues, the need for such a grouping is all the more important because the global financial crisis underlines how individual countries, even supremely powerful ones, cannot rely on go-it-alone approaches. "I am acutely conscious of what happens when you simply allow things to drift to unrestrained nationalism," Rudd told TIME. "[I want to] avoid long-term strategic drift, avoid the possibility of America drifting away from Asia." And, as an Australian, he believes...
...minority of Muslim women as "not welcome on French territory." Obama's speech in Cairo took a different tack. His concern was not the hijab - the Muslim woman's head covering - so much as a woman's right to wear it if she so chose. Western countries, Obama said, cannot dictate the dress of Muslim women. "We cannot disguise hostility towards any religion behind the pretence of liberalism." (See pictures of the women of Cairo...
...Another common misconception is that speculators only buy and hold assets. More accurately, speculators try to benefit from fluctuations in prices. In other words, speculators cannot profit from sustained high prices, only from changing prices. So, yes, the recent volatility in the oil market can certainly be attributed to speculation, but speculation cannot support an extended price rally. Major players like banks, on the other hand, are more than just pure speculators, having the resources to drive prices...
...While speculators affect the market in both directions, commercial participants tend to put upward pressure on prices. If airlines fully hedged themselves in the futures market, the price of oil would jump enormously. The futures market cannot support hedging for energy, let alone for other things; for example, investors might buy oil to hedge against losses in other investments, like stocks. With speculators out of the market, an airline's hedge would have an even bigger impact, further raising the global price...
...Position limits at some threshold might be a good idea, but they must apply to all institutions - especially those dealing with physical oil. And they cannot be too small, or else loopholes will become viable means to corner the market, for instance, by using subsidiaries...