13 Sep '11, 3pm

my blog today in @the_ecologist on why its time to regulate #foodspeculation by banks

my blog today in @the_ecologist on why its time to regulate #foodspeculation by banks

If a pound coin had been set aside every time a government ceded to bankers’ views about how best to run an economy, and the bankers were subsequently proven wrong, we could probably reduce the deficit by half. Better yet, of course, would have been not to listen to them at all. As in the sub-prime mortgage crisis and the Greek debt crisis, this is certainly the case with the deregulation of commodity markets in the 1990s. Excessive and ultimately successful lobbying from the finance sector for deregulation has led to millions more people going hungry than would have if we had only turned the ‘feral elite’ bankers down. The signs were already there, but it became horribly obvious that all was not right was in 2007/2008, when food prices rose by more than 80 per cent. ‘I had to sell everything just to be able to feed myself and my four children,’ recalled Kenyan farmer Cons...

Full article: http://www.theecologist.org/blogs_and_comments/commentato...

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