News1 min ago
Goldman Sucks ?
Goldman Sachs is at it again. After its destructive CDO adventures in US sub prime lending and the consequent universal financial mayhem - it and others of its ilk are now busy threatening the livelihoods of farmers in developing countries and inflicting unnecessary food inflation on we consumers.
http://www.guardian.c...ties-food-price-rises
)))))Cocoa prices have risen 150% in 18 months – but farmers have not necessarily benefited. Commodity speculators have pushed cocoa to 33-year high and speculators bets 'risk the most vulnerable in the world starving'
Financial speculators have come under renewed fire from anti-poverty campaigners for their bets on food prices, blamed for raising the costs of goods such as coffee and chocolate and threatening the livelihoods of farmers in developing countries.
Deborah Doane, WDM director, said: "Investment banks, like Goldman Sachs, are making huge profits by gambling on the price of everyday foods. But this is leaving people in the UK out of pocket, and risks the poorest people in the world starving.
"Nobody benefits from this kind of reckless gambling except a few City wheeler-dealers. British consumers suffer because it pushes up inflation, because of unpredictable oil and raw material prices, and the world's poorest people suffer because basic foods become unaffordable."
The WDM used figures in Goldman Sachs' annual report to estimate that the bank made a profit of $1bn (£650m) through speculating on food last year(((((
Who’ll stop the rain ? How do you stop the rapacious juggernaut that is Goldman Sachs and Chums from eating the World ?
http://www.guardian.c...ties-food-price-rises
)))))Cocoa prices have risen 150% in 18 months – but farmers have not necessarily benefited. Commodity speculators have pushed cocoa to 33-year high and speculators bets 'risk the most vulnerable in the world starving'
Financial speculators have come under renewed fire from anti-poverty campaigners for their bets on food prices, blamed for raising the costs of goods such as coffee and chocolate and threatening the livelihoods of farmers in developing countries.
Deborah Doane, WDM director, said: "Investment banks, like Goldman Sachs, are making huge profits by gambling on the price of everyday foods. But this is leaving people in the UK out of pocket, and risks the poorest people in the world starving.
"Nobody benefits from this kind of reckless gambling except a few City wheeler-dealers. British consumers suffer because it pushes up inflation, because of unpredictable oil and raw material prices, and the world's poorest people suffer because basic foods become unaffordable."
The WDM used figures in Goldman Sachs' annual report to estimate that the bank made a profit of $1bn (£650m) through speculating on food last year(((((
Who’ll stop the rain ? How do you stop the rapacious juggernaut that is Goldman Sachs and Chums from eating the World ?
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