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Oil trading: the oil futures loophole

Times Online
June 27, 2008

Oil trading

Closing the oil futures loophole

Sir, Carl Mortished’s tirade against US senators attempting to close the “London loophole” in oil futures trading (Opinion, June 25) characterises them as “puritans having their revenge against the British state that forced them to flee in the 17th century”. In truth the senators leading this move — Diane Feinstein, Joe Lieberman and Carl Levin, among others — are not descendants of the early settlers whom Mr Mortished cites, nor is the presidential candidate of their party who — according to him — is “making similar threats”. His conclusion that “a nation consumed by fear of foreigners, puritanical self-doubt and effete introspection cannot be the standard-bearer of global capitalism” misses the mark. What he, in fact, is opposed to is the Democratic Party’s continuation of Franklin Roosevelt’s policy of trying to save capitalism from its excesses.

Dr Stoddard Martin 
Visiting Research Fellow
Institute of English Studies 
University of London

http://www.timesonline.co.uk/tol/comment/letters/article4220964.ece

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