tuesday, march 20, 2018 5:47 pm zst

You're the gold flakes in my schlager


Aptron Noida left a comment at 12:05 pm 03/20
pankaj left a comment at 11:15 am 03/20
Alex left a comment at 9:23 am 03/20
Sneha Singh left a comment at 8:38 pm 03/19
SSC Result 2018 left a comment at 4:48 pm 03/19
Posted by evariste on Feb 25, 2013 2:44 pm

1 comment

#1 evariste at 2:45 pm on Feb 25, 2013

And now, one of these other matters seeped to the surface: the bank had known for years about the impact of commodities speculation on food prices and the havoc it wreaked on people in poor countries. And it had lied to the German Parliament about it.

On June 27, 2012, David Folkerts-Landau, head of Deutsche Bank’s DB Research, educated a parliamentary commission about the dire consequences of food price inflation—and what didn’t cause it.

“In developing countries where often up to 90% of the income must be spent on food,” he said, “price increases of wheat, corn, and soybeans in the years 2007-2008 and 2010-2011 had devastating consequences.” Volatility made it worse. “Even spikes of only a few months are a serious threat to food security.”

While the volume of options and derivatives in agricultural markets had been ballooning in recent years, “primarily in search of higher yields,” he said, there was “hardly any sound empirical evidence” for the assertion that any of it “led to price increases or higher volatility.”

He cited the big players. The US Commodity and Futures Trading Commission (CFTC) had received “no reliable economic analysis” that showed that excessive speculation influenced the markets. US Department of Agriculture came to the same conclusion in 2009. And the Bank for International Settlements (BIS) pointed out as early as 2007 that there was “no convincing causal relationship” between speculation and price increases. That the BIS would say that makes sense: it groups together 58 central banks, including the most prodigious money printers. On its board: Fed Chairman Ben Bernanke, NY Fed President William Dudley, ECB President Mario Draghi, etc. etc.

Thus inspired, Folkerts-Landau concluded that “commodity prices are primarily determined by fundamental demand and supply factors,” not speculation.

Alas, foodwatch, an independent non-profit, has obtained four studies by DB Research and two studies by German insurance and finance conglomerate Allianz that showed that both companies had known for years that commodity speculation—one of their major business activities—drove up food prices.

In September, 2009, a DB Research study pointed out: “Speculation has also contributed to price increases.”

A year later, DB Research found that speculation could be “distorting the normal functioning of the market,” which “can have grave consequences for farmers and consumers and is in principle unacceptable.” It argued that it was important for the proper “functioning of the food chain” that commodity derivatives serve their original purpose of price discovery and hedging against volatility.

And it suggested that more regulation of derivatives would “be helpful in avoiding excesses.”
In January, 2011, DB Research—shocked that high food prices had at least in part triggered social unrest in a number of countries in Latin America, Asia, and Africa—admitted that “in some instances speculation might have added to the price movement.”

Two months later, DB Research acknowledged that in developing countries where “consumers spend over 50% of their income on food,” price increases can be devastating and “hollow out the right to food.” While there was no consensus on the role of derivatives, the study nevertheless fingered speculation: “When speculation drives prices to a level that is no longer consistent with fundamental data, this can have serious consequences for farmers and consumers.”

Hence another scandal: large banks have known for years that commodities speculation and related products that they sold to their clients caused immense damage to people in developing countries and hurt people even in rich countries. foodwatch points out that even short price spikes can cause permanent damage to already mal-nourished children—and can lead to death. Yet banks “deceive the public, even lie to Parliament, to continue without scruples to profit at the expense of those who are starving.”

recent comments

I am so glad to know that there are home remedies for almost all skin issues these days. Like you
[ HindiSheroShayari ]/ ek aisa maadhyam hai jisake dvaara ham apane dil kee baat bahot aasaanee se kah sakate
This is furthermore a fantastic write-up my partner and i really enjoyed considering. It really is generally not very each
This is certainly in the process an exceptionally superior ad people very seriously suffered browsing thru. It is actually hardly
This is my first visit to your web journal! We are a group of volunteers and new activities in the
I adore each of the threads, I relished, I'd really like much more information with this, mainly because it is
[ ]/ click here for results
[ ]/ click here for results
[ Web Designing Training in Noida ]/ from APTRON Solutions leads to a bright career in the software world.
I found a lot of interesting information here. A really good post, very thankful and hopeful that you will write
I conceive this website holds very wonderful composed written content content. [ shadow warrior classic redux ]/ Online Help – Step by Step guide for Norton Setup, Download & complete installation online. We are providing independent
As soon as you come to class tomorrow, go to the office and claim your hall ticket. no need to
The Best Manual Testing trainingonline providing by KVCHACADEMY. We offers offshore and onshore training as pr the candidate requirement .
I'd like a person's location. It really is better than notice everybody explain in words inside the life blood as – Get your Office Setup Installed with the help of this link. You may install the Microsoft Office with
This is really a great stuff for sharing. Keep it up .Thanks for sharing. [ Biology Homework Help ]/
This is really a great stuff for sharing. Keep it up .Thanks for sharing. [ Biology Homework Help ]/
There are specific dissertation websites that are online via the internet when you find definitely reported in your internet site.
Quality Assignment is an academic services providing company dealing with those students who are facing problems to write
thank you for good information,please visit our site : [ obat bius ]/ [ obat pelangsing ]/
thank you for good information,please visit our site : [ obat bius ]/ [ obat pelangsing ]/
We provide high profile Delhi Escorts, Russian Escorts Delhi, Delhi Russian Escorts, Escorts Delhi Russian, Russian Escorts in Delhi, Russian
thank you for good information,please visit our site : [ obat bius ]/ [ obat pelangsing ]/
Aptron Solutions will guide you how to safeguard and defend your systems against cyber threats with cyber security. cyber security


this & that

bloggie pulse: circulation
last 15 minutes:
last hour:
last 24 hours:
bloggie pulse: comments
since midnite:
last 24 hours:
in our lifetime: