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Anorak | The stupidity, it hurts – the mainstream media gets it wrong on food speculation

The stupidity, it hurts – the mainstream media gets it wrong on food speculation

by | 5th, September 2012

I FIND it to be actually physically painful when I see some ghastly lefty nonsense being picked up as the obvious truth across the political divide. We expect the comies to say that we should wipe out the bourgeoisie but it would be odd to see the Mail or Telegraph agreeing with them. I feel the same pain when obvious nonsense moves the other way, don’t worry. Seeing the vile racism of the right being reflected in the supposedly internationalist left’s sometimes attitudes to immigration for example.

Today’s example is this from the Torygraph :

Finally, there is the pernicious effect of speculation. About 80 per cent of the global food trade is now speculative, and firms such as Goldman Sachs, Merrill Lynch, Deutsche Bank have spent billions gambling on the price of food, artificially driving up prices.

This is just canting nonsense. It’s driven by the very stupid idea tht if commodities trading is done by men, in offices, with money, then it must be evil. It’s a view put forward by the likes of the World Development Movement (who, most amusingly, manage to disprove the contention in one of their own reports) and it’s leaked

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Posted: 5th, September 2012 | In: Money Comment (1) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink