Betting on Hunger
Article published: Saturday, November 20th 2010
Anti-poverty campaigners the World Development Movement (WDM) claim that speculation on food by hedge funds, pension funds and investment banks is fuelling the increase in price of bread and other basic foods such as wheat, maize and soya. Their Manchester branch are holding a stall in Stockport today to highlight the issue.
rice field by Jess Sloss on flickr
WDM calculated that between April and September 2010, world prices for wheat rose by over 40 per cent, while corn has risen by over 30 per cent.
The campaigners say that these price spikes, which are the highest since the food crisis that gripped the world in 2008, are contributing to higher inflation in the UK for basics foodstuffs such as bread and pasta, as well causing hunger in developing countries.
Although drought has affected the production of grains in Russia, the US and Ukraine, the campaigners say that the increased prices can not simply be put down to decreased supply because predicted crop yields and reserve stocks are more than adequate to meet global demand.
Manchester WDM have taken up the national WDM campaign Stop Betting on Hunger and have recently held a public talk called ‘Betting on Hunger: How Bankers Are Making the Poor go Hungry’ at the Unicorn Co-op in Cholrton. Debbie Clarke from the Unicorn commented:
“We didn’t know a huge amount about it all but felt it was an issue we and our customers should get to grips with. We were really pleased so many people turned up, there must have been at least 60 plus staff.
“WDM did a good job making a pretty complicated issue understandable by demonstrating clearly the impact speculators in countries like ours have on the lives of people in some of the poorest countries in the world, and why this has to be regulated.”
Manchester WDM followed up this event with an MP Lobby Training day at the Luther King House around food speculation to raise the awareness of the issue and to provide further information on how people can take further action in combating this issue. Stephen Pennels who is the regional co-ordinator stated on the issue:
“Some people say that speculation and unregulated markets bring about efficiencies and lower prices for consumers, and that may be true in the longer term. The world’s poor don’t have the longer term when many are being pushed into food insecurity in the present as a result.
by Katrina Tuliao on flickr
Price hikes are forcing girls out of school, children into exploitative and often abusive work and farmers to sell up, causing people’s lives to be blighted for ever. ”
The WDM are calling on the UK government to support proposals for all food speculation trading to go through transparent central clearing and strict position limits on financial players in food derivatives markets.
Roberto Romano
Manchester WDM now intend to hold a stall at the Stockport Fairtrade Fair this Saturday 20th November to highlight the campaign and raise their profile further.
The group would welcome any new comers to the group who can either turn up at their monthly meetings held on the 3rd Thursday of the month at Friends Meeting House in Manchester at 18.30 or further details on the World Development Movement’s campaign can be found at www.wdm.org.uk/food with news on Manchester WDM at www.wdm.org.uk/manchester and/or subscribe to the e-news at wdm-southernman-subscribe@yahoogroups.com.
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