Fri Aug 31, 2012, 10:08 PM
Newsjock (9,854 posts)
Barclays makes £500m betting on food crisis
Source: The Independent (UK)
Barclays has made as much as half a billion pounds in two years from speculating on food staples such as wheat and soya, prompting allegations that banks are profiting handsomely from the global food crisis.
Barclays is the UK bank with the greatest involvement in food commodity trading and is one of the three biggest global players, along with the US banking giants Goldman Sachs and Morgan Stanley, research from the World Development Movement points out.
... The extent of Barclays' involvement in food speculation comes to light as new figures from the World Bank show that global food prices hit an all-time high in July, with poor harvests in the US and Russia pushing up the average worldwide cost of staples by an unprecedented 10 per cent in a month.
The extent of just one bank's involvement in agricultural markets will add to concerns that food speculation could help push basic prices so high that they trigger a wave of riots in the world's poorest countries, as staples drift out of their populations' reach.
Read more: http://www.independent.co.uk/news/business/news/barclays-makes-500m-betting-on-food-crisis-8100011.html
13 replies, 2086 views
Barclays makes £500m betting on food crisis (Original post)
|Rosa Luxemburg||Aug 2012||#2|
|a geek named Bob||Aug 2012||#3|
|a geek named Bob||Aug 2012||#6|
|Rosa Luxemburg||Sep 2012||#11|
|Fire Walk With Me||Aug 2012||#7|
Response to Rosa Luxemburg (Reply #2)
Fri Aug 31, 2012, 10:23 PM
oldsarge54 (582 posts)
4. Anybody Really Good at History
Can any tell me where speculators have done much good in the end for any boom. I can't think of several that hurt the general populace, but the speculators had already pulled their rings on their parachutes. Gas, Daffodils, stocks, houses, gold, silver. All subject to speculation, and small investors ruined when the big speculators quit.
Response to Newsjock (Original post)
Fri Aug 31, 2012, 10:27 PM
nanabugg (2,198 posts)
5. Makes one wonder how much is food crisis vs how much is speculation. Just like oil. nt
Last edited Fri Aug 31, 2012, 10:29 PM USA/ET - Edit history (1)