Friday, 17 December 2010

Finance speculation - first it caused the crash, then the bailout... and now it helps starve the poor

The Guardian today takes up a theme of the World Development Movement on the increasing role that financial speculation plays in driving up the cost of foodstuffs, and the ripple effect it has on the prices of meat in the west.

Those that suffer the most are those in the developing world, of course, but at home there is a deep irony that average Joe and Joan, having seen their living standards drop considerably as the country pays the cost of the bank bailout and its associated recession, are now forking out extra for their food as a result of the foolish greed of the very same speculators that caused the mess.

Clegg, meanwhile, has promised that he'll be VERY ANGRY if the same guys dole out huge bonuses for themselves. Given his track record, I think this blog isn't exactly going out on a limb by guessing that in practice, that doesn't mean very much.

Merry Christmas everyone!

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