Japan Press Weekly

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2008 June 25 - July 1 [POLITICS]

JCP Chair Shii calls for G8 Summit to discuss controlling rampage of speculative money

Japanese Communist Party Chair Shii Kazuo called for the Group of Eight (G8) Summit that will open in Toyako in Hokkaido on July 7 to discuss international cooperation in the attempt to control the rampage of speculative money.

Speaking at a new conference on June 25, he said, “Speculative money is now flowing into oil and grains, which are essential for the survival of humanity, and is pushing up their prices.”

Shii pointed out that the rampage of speculative money is destroying lives worldwide and dealing a heavy blow to Japanese agriculture, fisheries, and small businesses.

Shii said the following three points should be considered to control speculative money:

- Direct regulations like information disclosure to be set in relation to hedge funds, an instrument of speculation;
- A tax to be levied on hot money, the money trading across borders on a short-term basis; and
- A system to be created to regulate speculative money in essential items needed for human existence such as crude oil and grains.

“If the G8 countries are unable to implement these measures, they might as well be considered incapable of managing the world economy under the present form of capitalism,” he added.