Paul Jay interviews Bob Pollin of the Political Economy Research Institute at UMASS Amherst, who urges the Occupy movement to demand strong speculation reform. Though Dodd-Frank was passed last year, it fails to address the fundamental problems that led to the financial crisis begun in 2008 and continuing today.
On October 18, the Commodity Futures Trading Commission (CFTC) voted 3-2 to “curb banks’ and investment funds’ ability to trade commodities, though the rules were watered down after lobbying by Wall Street,” reports Financial Times. But, advises Pollin, not only will the reforms not be mandated for two more years, the new rules allow exemptions – loopholes, so that banksters can continue to spike food prices for profit.
In another FT article, the original proposal planned to “ensure that market power is not concentrated in any one submarket. Banks said this was crazy.”
Wall Street, BP, Bio-Ethanol and the Death of Millions
Our planet has everything we need to produce nutritious natural food to feed the entire world population many times over. Yet, we face a decade or more of famine on a global scale because key forces and interest groups have decided to artificially create a scarcity of nutritious food, writes F. William Engdahl.
By F. William Engdahl
My late grandfather, a man of sturdy Norwegian-American farm stock, who later became a newspaper editor and political activist during the First World War, used to say, ‘A man can get used to pretty much anything with time, except dying…and even that with some practice.’ Well, as fate has it, it seems we, the vast majority of the human race, are about to test that adage in regard to the availability of our daily bread itself.
Posted in Biotechnology, CorpoGov
Tagged ADM, banksters, Barclays, bunge, cargill, CFTC, Chase Manhattan, Citibank, Commodity Futures Trading Commission, Commodity Modernization Act of 2000, Common Agriculture Policy, Continental Grain, derivatives, famine, food bubble, GATT, General Agreement on Tariffs and Trade, globalization, Goldman Sachs, HSBC, industrialization, JP Morgan, lehman bros, manufactured food scarcity, subprime scam, Uruguay Round, wall street