Wall Street speculation fueled food crisis

Posted by Christine, January 25, 2011
Food and Water Watch posted its report, Casino of Hunger, on how financial speculation hurt food systems online.

“During 2008, rising food prices — accelerated by an unprecedented run-up of prices on the commodities futures markets — created a food crisis that increased global hunger, sparked civil unrest and hurt farmers in America and worldwide. The global food crisis is an overlooked symptom of the broader global economic crisis. The food crisis shares many characteristics of the financial meltdown — it was exacerbated by the deregulation of the commodity markets (including agriculture) that encouraged a tidal wave of Wall Street speculation — leading to further increases in already rising food and energy prices.”

Read the full report at http://documents.foodandwaterwatch.org/Casino.pdf.

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