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Is Wall Street Driving World Hunger?


Business  (tags: abuse, consumers, corruption, dishonesty, economy, ethics, farming, finance, humans, investing, money, society, wall street, world )

Kathy
- 948 days ago - theatlantic.com
In the last five years, the price of commodities like rubber, corn, and cotton have doubled, crashed, and then quadrupled. Is this a typical tango between limited supply and growing demand? Or have central banks and investors pumped the commodities market



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Comments

. (0)
Sunday September 18, 2011, 10:38 am
Noted. . .thank you Kathy. . .
 

Roger Garin-michaud (60)
Sunday September 18, 2011, 1:03 pm
indeed
 

Sheri Snyder (0)
Sunday September 18, 2011, 1:36 pm
Yes! I am convinced that WallStreet commodity market speculation is a factor behind the food riots overseas. Like in Jan. 2011 when rising food inflation sparked violence across the Middle East and South Asia as with protests over the high cost of staple commodities like sugar, rice and milk. And like in the 2008 when food protests occurred in geographically separated countries like Haiti, Senegal and Bangladesh--so it wasn't a regional issue. Haiti imports most of its rice from the United States. Wikipedia says & I quote "Financial speculation in commodity futures following the collapse of the financial derivatives markets has contributed to the crisis due to a "commodities super-cycle." Financial speculators seeking quick returns have removed trillions of dollars from equities and mortgage bonds, some of which has been invested into food and raw materials.[33] " But a lot of food price increases stem of an increase in global fuel prices which is having a chain-reaction on food production. Fuel is a thread that runs through food production from planting to delivery of the finished product--through the cost of fertilizer and seeds, through the harvesting and the storage and delivery process.”Wikipedia also documents the extent of the rises by saying : From the beginning of 2007 to early 2008, the prices of some of the most basic international food commodities increased dramatically on international markets. The international market price of wheat doubled from February 2007 to February 2008 hitting a record high of over USD$10 a bushel.[88] Rice prices also reached ten year highs. In some nations, milk and meat prices more than doubled, while soy (which hit a 34 year high price in December 2007[89]) and maize prices also increased dramatically."


 

Penelope P. (222)
Sunday September 18, 2011, 1:57 pm
Sheri quotes well
to quote her myself
Financial speculation in commodity futures following the collapse of the financial derivatives markets has contributed to the crisis due to a "commodities super-cycle." Financial speculators seeking quick returns have removed trillions of dollars from equities and mortgage bonds, some of which has been invested into food and raw materials.[33] " But a lot of food price increases stem of an increase in global fuel prices which is having a chain-reaction on food production. Fuel is a thread that runs through food production from planting to delivery of the finished product--through the cost of fertilizer and seeds, through the harvesting and the storage and delivery process.”Wikipedia also documents the extent of the rises by saying : From the beginning of 2007 to early 2008, the prices of some of the most basic international food commodities increased dramatically on international markets.
 

Mary Donnelly (44)
Sunday September 18, 2011, 3:26 pm
Thanks Kathy--good post.
 

Bonnie B. (103)
Sunday September 18, 2011, 6:10 pm
Thanks Kathy. Darn skippy they are! Our Casino system on Wall Street and around the world loves to speculate on the most essential commodities. Regulation! and no more ethanol! How stupid is it to put food supply into your gas tank? Well, Monsanto loves it!
 

Samuel Kellett (0)
Sunday September 18, 2011, 8:24 pm
Thanks Kathy:) All To True! Shared:)
 

Mary away T. (188)
Sunday September 18, 2011, 8:37 pm
Thanks Kathy great post and yes indeed their are.
 

A Weber (27)
Sunday September 18, 2011, 9:20 pm
It (and GREED) runs everything else in the world, so of course it drives world hunger!
 

Jesica De Beer (2)
Sunday September 18, 2011, 11:04 pm
Noted thanks.
 

Sue Matheson (62)
Monday September 19, 2011, 10:20 am
Noted with thanks.
 

Past Member (0)
Monday September 19, 2011, 10:28 am
Noted, thanks Kathy. Greed and the pursuit of it seems to be the root of it all...
 

Siti R. (12)
Monday September 19, 2011, 12:38 pm
too sad that the greed rule the world instead of leadership and fair, humane practices.
 

KARLOLINA G. (118)
Tuesday September 20, 2011, 10:29 am
Yes of course! Hate to say, I told you so, but this one could be spotted a mile away. And some of us did. The law of unintended consequences is in full effect as the food price inflation (aka Agflation) I feared is finally here. We’re not talking out-of-control price hikes at this point – but the trend is the trend and our monetary policy is definitely exacerbating it.

From the Wall Street Journal:
“Prices of staples including milk, beef, coffee, cocoa and sugar have risen sharply in recent months. And food makers and retailers including McDonald’s Corp., Kellogg Co. and Kroger Co. have begun to signal that they’ll try to make consumers shoulder more of the higher costs for ingredients.”

 
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