As the market prepares another nose dive today, the world just becoming aware of the potential for Crisis II, we should not forget the costs of Crisis I. Crisis I was preceded by unprecedented asset speculation across all classes of assets including agricultural commodities. In the United States, that meant paying and extra dollar for a gallon of milk, a loaf of bread. In the third world, that meant poverty and starvation. While traders on Wall Street drank their daily success at the swanky New York watering holes, and followed up with dinner at 5 star restaurants, those impoverished by the resultant cost of food grieved their dead. This is no exaggeration. Please read or watch the interview captured in this link.
August 11, 2010
Uncounted Human Cost of Food Speculation