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June 8th
8:25 AM

Bankers and politicians have turned food into a betting game

Understanding why food prices are rocketing again – with the cost of wheat and maize up around 70% in the past year – so soon after the bubble of 2008 should make us look more closely at what’s changed in the food market.

…The past decade has seen something remarkable happen: sharp-elbowed bankers and gullible politicians in America and Britain have turned basic foodstuffs into something to bet on. The result has been mayhem and starvation in Africa and Asia. There were riots in more than 30 countries three years ago, and a spike in world hunger. As commodity prices surge again, I wouldn’t bet against a re-run.

"Food markets have been turned into a casino," Joerg Mayer of Unctad told me last week. “And for no other reason than to make Wall Street money.”  >continue<

New UNCTAD report on the global food crisis  |  When the Nile Runs Dry

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    For fuck’s sake, when are we properly going to regulate Wall Street?
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  24. pantslessprogressive reblogged this from zeitvox and added:
    Also read: How Goldman Sachs Created the Food Crisis by Frederick Kaufman at Foreign Policy.
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