Goldman bankers get rich betting on food prices as millions starve

[Fire Walk With Me]

Revolution News ?@NewsRevo

Goldman bankers get rich betting on food prices as millions starve
http://www.independent.co.uk/news/business/news/goldman-bankers-get-rich-betting-on-food-prices-as-millions-starve-8459207.html
… via @Independent
Retweeted by .


Goldman Sachs made more than a quarter of a billion pounds last year by speculating on food staples, reigniting the controversy over banks profiting from the global food crisis.

Less than a week after the Bank of England Governor, Sir Mervyn King, slapped Goldman Sachs on the wrist for attempting to save its UK employees millions of pounds in tax by delaying bonus payments, the investment bank faces fresh accusations that it is contributing to rising food prices.

Goldman made about $400m (£251m) in 2012 from investing its clients' money in a range of "soft commodities", from wheat and maize to coffee and sugar, according to an analysis for The Independent by the World Development Movement (WDM).

This contributed to the 68 per cent jump in profits for 2012 Goldman announced last week, allowing it to push up the average pay and bonus package of its bankers to £250,000.

(More at the link.)

[Buzz Clik]

1. There are countries where GMOs are banned ...

... but these crops could feed their starving people.

That's a problem, too.

[Fire Walk With Me]

2. GMOs are evil. Monsanto just saw a 27% increase in GMO seed sales to south America

and I fear for their people, and all who eat it via export/no labelling.

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3. Yeah, I thought you'd see it that way.

Knee jerk, much?

[Fire Walk With Me]

4. Sorry, but are you seriously not paying that much attention to Monsanto?

They spend millions upon millions of dollars to prohibit testing and labelling of their product. They bought out an independent testing laboratory which was researching bee deaths from their product. They sue farmers whose fields become contaminated with GMO seed. They are attempting to patent "food" in general. There is a Monsanto person in the FDA. Supreme Court "justice" Clarence Thomas once worked for them and refuses to recuse himself when Monsanto cases appear before him.

If their product was actually good, they'd =want= labels and testing proving it's great, so that people could buy it and nothing else.

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6. Do you really think your rant has anything to do with the OP or my response to it?

[Fire Walk With Me]

19. Sorry, those are all facts. Thank you and good luck.

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21. Those are facts but irrelevant to everything I was addressing.

I won't need any luck, unless luck is involved in avoid conversations like these.

[antiquie]

5. A non-political NGO view

Q8: What is Oxfam’s view on the use of Genetically Modified Organisms (GMO) in agriculture / GMO foods?

A: So far, GMOs have not delivered on earlier promises of yield growth and have not transformed the livelihoods of smallholder agriculture. The obsession of some to focus on ‘silver bullet solutions’ and technical quick fixes such as GMO, whilst attractive to agribusiness, ignores the broader and much more important problem of chronic under investment in, and pervasive marginalization of, smallholder agriculture by governments, international agencies and the private sector.

This is not to say that GM will never deliver and has no role to play. However there are many other options which are proven to increase the productive capacity of smallholder agriculture which should be prioritized.

http://www.oxfam.org/en/grow/faqs

(Old knees don't jerk so much.)

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7. I'm surprised that Oxfam is unaware of the important contributions GMOs have made in Africa.

That's a bit telling and make me wonder if they are playing to their perceived audience.

[antiquie]

8. You need to do more research.

Monsanto's GMO seeds and Bill Gates Foundation money are a big problem.

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9. Meh. Are you really going to tell me that you know of no contributions ....

... that GMO crops have made to reducing hunger in Africa?

You certainly have implied that to be the case. If that is true, then YOU need to do more research.

I will not try to convince you that Monsanto is not "evil". Just do not assume that I am ignorant just because we disagree. It kinda makes you look foolish, opinionated, and uncivil.

[antiquie]

10. Okay.

[limpyhobbler]

11. There is plenty of food around. Starvation is a political problem, not a problem of food scarcity.

Food doesn't get to people because they have no power. Giving further control of the food supply to transnational private companies is not likely to benefit anybody's food security. The solution to hunger is to empower hungry people via democracy and ownership of their societies.

[Buzz Clik]

12. Oh, so we should have everyone dependent on those with food.

Even though they could grow their own food if the crops had the correct pest resistance, we continue to force them to be dependent on others.

That's the same damned thing Monsanto pulls.

[limpyhobbler]

13. Wait a second. I'm confused. I thought you were arguing for GMOs, but now you are expressing

disapproval of Monsanto's attempts to make people dependent on GMOs?

I don't understand what your point of view is exactly.

Doesn't getting people dependent on GMOs make them dependent on companies like Monsanto to provide the seeds?

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14. Holy crapoli. Is it your impression that ONLY Monanto knows how to genetically alter crops?

This is the problem with attempting to argue this topic at DU. The emotional baggage is heavy that most posters are nearly nonfunctional.

And I'm the one told to do more research. Sheesh.

[limpyhobbler]

15. Actually I was just asking you to clarify your point of view and maybe share some of the information

that you may have that leads you to that point of view. You may have some information that I don't have.

My impression is that GMO patents are mostly held by a handful of transnational companies like Monsanto. You may have a different understanding. What is your impression of who is patenting GMOs ?

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16. My original point had nothing to do with Monsanto at all, and it still does not.

My point is that, despite some gaudy profits made by banks by speculating on food prices, some people are starving because of backward thinking about GMOs.

If you were starving or malnourished and I offered you a cup of rice, would you first ask me for assurances that none of the rice came from GMOs? I doubt it.

If half your country was suffering from food shortages because a parasitic weed was infesting your staple crop and I offered you a genetically engineered solution, would you, as president of that country, immediately invoke a ban on GMO crops?

Every year, 15 million children die of hunger. How many people have died from anything caused by consuming genetically altered food?

[limpyhobbler]

17. I'm not sure if one can talk about GMOs without talking about Monsanto.

My impression is that Monsanto has a virtual monopoly over GMO patents.

If a country depends on GMOs it seems like they become dependent on Monsanto. And they also help increase Monsanto's money and power.

Here are some things I have read that have lead me to this impression.

Documentary reveals tragic toll of GMOs in India


Monsanto latest court triumph cloaks massive market power

DOJ Mysteriously Quits Monsanto Antitrust Investigation

The Planet Versus Monsanto


I don't know anything about the health affects of GMOs although I've heard some bad things. I do have a political problem with a company that claims ownership over life and forces farmers into dependency relationships.

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18. It is very clear that you cannot talk about GMOs without talking about Monsanto.

I most certainly can and will, but with someone else.

[Fire Walk With Me]

20. Goodbye then. If you didn't know, there is a strong Occupy Monsanto movement

and dissing them is possibly against the rules of this Group.

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22. Good luck taking down Monsanto. I really don't care.

Some day, when your hatred for Monsanto dissipates and you are able to talk about GMOs without ranting on and on about Monsanto, I could educate about the role of GMOs in feeding starving people. It's already happening, but that bit of information is counter to your obsession.