Looting the Poor

The banking giants Barclays, Goldman Sachs and Morgan stanley are the three biggest speculators in agricultural commodities. In 2010 and 2011, Barclays made a profit of $840 million speculating on food products in global markets. That money did not appear out of thin air but was taken from the pockets of people who ultimately bought the products — the wheat, rice, and soybeans. Out of the pockets, that is, of those who could afford to buy it at prices driven higher by speculators. The ones who couldn’t afford the higher prices starved.

Read this: Speculating Banks Profit as World’s Poorest Go Hungry.

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