Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search
 

Fire Walk With Me

(38,893 posts)
Mon Jan 21, 2013, 11:38 AM Jan 2013

Goldman bankers get rich betting on food prices as millions starve

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.)

23 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Goldman bankers get rich betting on food prices as millions starve (Original Post) Fire Walk With Me Jan 2013 OP
There are countries where GMOs are banned ... Buzz Clik Jan 2013 #1
GMOs are evil. Monsanto just saw a 27% increase in GMO seed sales to south America Fire Walk With Me Jan 2013 #2
Yeah, I thought you'd see it that way. Buzz Clik Jan 2013 #3
Sorry, but are you seriously not paying that much attention to Monsanto? Fire Walk With Me Jan 2013 #4
Do you really think your rant has anything to do with the OP or my response to it? Buzz Clik Jan 2013 #6
Sorry, those are all facts. Thank you and good luck. Fire Walk With Me Jan 2013 #19
Those are facts but irrelevant to everything I was addressing. Buzz Clik Jan 2013 #21
A non-political NGO view antiquie Jan 2013 #5
I'm surprised that Oxfam is unaware of the important contributions GMOs have made in Africa. Buzz Clik Jan 2013 #7
You need to do more research. antiquie Jan 2013 #8
Meh. Are you really going to tell me that you know of no contributions .... Buzz Clik Jan 2013 #9
Okay. antiquie Jan 2013 #10
There is plenty of food around. Starvation is a political problem, not a problem of food scarcity. limpyhobbler Jan 2013 #11
Oh, so we should have everyone dependent on those with food. Buzz Clik Jan 2013 #12
Wait a second. I'm confused. I thought you were arguing for GMOs, but now you are expressing limpyhobbler Jan 2013 #13
Holy crapoli. Is it your impression that ONLY Monanto knows how to genetically alter crops? Buzz Clik Jan 2013 #14
Actually I was just asking you to clarify your point of view and maybe share some of the information limpyhobbler Jan 2013 #15
My original point had nothing to do with Monsanto at all, and it still does not. Buzz Clik Jan 2013 #16
I'm not sure if one can talk about GMOs without talking about Monsanto. limpyhobbler Jan 2013 #17
It is very clear that you cannot talk about GMOs without talking about Monsanto. Buzz Clik Jan 2013 #18
Goodbye then. If you didn't know, there is a strong Occupy Monsanto movement Fire Walk With Me Jan 2013 #20
Good luck taking down Monsanto. I really don't care. Buzz Clik Jan 2013 #22
Post removed Post removed Jan 2013 #23
 

Buzz Clik

(38,437 posts)
1. There are countries where GMOs are banned ...
Mon Jan 21, 2013, 11:54 AM
Jan 2013

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

That's a problem, too.

 

Fire Walk With Me

(38,893 posts)
2. GMOs are evil. Monsanto just saw a 27% increase in GMO seed sales to south America
Mon Jan 21, 2013, 11:56 AM
Jan 2013

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

 

Fire Walk With Me

(38,893 posts)
4. Sorry, but are you seriously not paying that much attention to Monsanto?
Mon Jan 21, 2013, 12:24 PM
Jan 2013

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.

 

Buzz Clik

(38,437 posts)
21. Those are facts but irrelevant to everything I was addressing.
Mon Jan 21, 2013, 11:06 PM
Jan 2013

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

 

antiquie

(4,299 posts)
5. A non-political NGO view
Mon Jan 21, 2013, 12:40 PM
Jan 2013
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.)
 

Buzz Clik

(38,437 posts)
7. I'm surprised that Oxfam is unaware of the important contributions GMOs have made in Africa.
Mon Jan 21, 2013, 01:15 PM
Jan 2013

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

 

antiquie

(4,299 posts)
8. You need to do more research.
Mon Jan 21, 2013, 01:49 PM
Jan 2013

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

 

Buzz Clik

(38,437 posts)
9. Meh. Are you really going to tell me that you know of no contributions ....
Mon Jan 21, 2013, 01:54 PM
Jan 2013

... 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.

limpyhobbler

(8,244 posts)
11. There is plenty of food around. Starvation is a political problem, not a problem of food scarcity.
Mon Jan 21, 2013, 02:34 PM
Jan 2013

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

(38,437 posts)
12. Oh, so we should have everyone dependent on those with food.
Mon Jan 21, 2013, 03:52 PM
Jan 2013

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

(8,244 posts)
13. Wait a second. I'm confused. I thought you were arguing for GMOs, but now you are expressing
Mon Jan 21, 2013, 04:13 PM
Jan 2013

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?

 

Buzz Clik

(38,437 posts)
14. Holy crapoli. Is it your impression that ONLY Monanto knows how to genetically alter crops?
Mon Jan 21, 2013, 04:18 PM
Jan 2013

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

(8,244 posts)
15. Actually I was just asking you to clarify your point of view and maybe share some of the information
Mon Jan 21, 2013, 04:24 PM
Jan 2013

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 ?

 

Buzz Clik

(38,437 posts)
16. My original point had nothing to do with Monsanto at all, and it still does not.
Mon Jan 21, 2013, 04:31 PM
Jan 2013

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

(8,244 posts)
17. I'm not sure if one can talk about GMOs without talking about Monsanto.
Mon Jan 21, 2013, 05:26 PM
Jan 2013

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.



 

Buzz Clik

(38,437 posts)
18. It is very clear that you cannot talk about GMOs without talking about Monsanto.
Mon Jan 21, 2013, 06:07 PM
Jan 2013

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

 

Fire Walk With Me

(38,893 posts)
20. Goodbye then. If you didn't know, there is a strong Occupy Monsanto movement
Mon Jan 21, 2013, 11:05 PM
Jan 2013

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

 

Buzz Clik

(38,437 posts)
22. Good luck taking down Monsanto. I really don't care.
Mon Jan 21, 2013, 11:09 PM
Jan 2013

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.

Response to Fire Walk With Me (Original post)

Latest Discussions»Issue Forums»Occupy Underground»Goldman bankers get rich ...