Really? Gosh, who is this report by?
The activity of financial speculators is overwhelming agricultural commodities markets, fuelling global food price inflation and hunger, according to new analysis from the anti-poverty group the World Development Movement (WDM).
Teenage Trots claim capitalism is bad, M\’Kay?
Rilly? This is news?
I shall read the report later but the newspaper list of crimes seems to indicate that they\’ve no clue what they\’re talking about. For example, they\’re claiming that lots of money in futures is driving up spot prices. This simply isn\’t possible. Spot prices can rise as a result of speculation, yes, but it needs to be speculation where someone buys and stores the commodity.
Which means we would see a rise in stocks of that commodity and no, we\’ve not seen a rise in stocks of food. So we\’ve not had that sort of speculation then, have we?
At first blush it\’s all very like their last report. Commodity speculation is something done by men in offices with money. Evil then innit?