G-8 Dollar, Oil & Agriculture Comments. Wall Street Loses $107 Billion in Profits Since 2007.

MWF (Monday) Briefing:

The G-8 came to a consensus of the need for a stronger dollar for the benefit of taming oil prices.  Also, Saudi Arabia will start boosting production due to pressure from the U.N.  Elsewhere, the acute loss in wealth is taking it's toll on people's perception of security.  Wall Street erased about half it's profits since 2004. 

• G-8 calls for stronger dollar, boost in oil and food production. Tokyo commodities traders are forecasting volatility due to significant disagreements over the cause of high oil prices. Some say it's market speculation.  "Henry Paulson, the US Treasury Secretary and Alistair Darling, the Chancellor, played down that suggestion. However, Giulio Tremonti, the Italian Finance Minister, said what he called “enormous speculation” was behind high prices. Guardian Times UK

• "The numbers are staggering. Between early 2004 and mid-2007, a period of unprecedented wealth on Wall Street, seven of the nation’s largest financial companies earned a combined $254 billion in profits."  Since 2007, firms have lost $107 billion. NYT

• Higher prices and the collapsing housing market is putting pressure on the economy. Economists said it's not getting better ahead of key economic data in the coming week. Marketwatch