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How speculators are driving food prices

Deutsche Bank, Goldman Sachs, and others

There is growing evidence that investments on commodity and food markets are making people go hungry. Financial institutions like Deutsche Bank and Goldman Sachs are speculating with food at the expense of the poorest. According to a new report titled “Die Hunger-Macher” (“The Hunger Makers”), there is a close connection between speculation and rising food prices. WDEV summarises the report written by Harald Schumann and commissioned by the German NGO Foodwatch.

 

If people have to spend 80% of their income on food – not just 10 to 20% as in wealthy industrialized countries – then an increase in the price of grains, bread and other staples poses an existential threat. In 2011, global average prices for wheat, corn and rice were 150% higher (after adjustment for inflation) than they had been in 2000. In 2010 alone, higher prices for foodstuffs caused 40 million people to go hungry and live in abject poverty ...


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Find in this article:

Commodity trading as a capital investment strategy
From useful to excessive speculation
Prices disconnected from supply and demand
How betting on commodities drives up the price of bread
Regulation saves lives!
How to regulate: A call for action


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