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  • Oxfam Germany releases new report on German banks speculating on food commodities

    May 25, 2012 By 2 Comments

    “Taken together, German financial institutions are responsible for one sixth of the total global investment volume in agricultural commodities, which is estimated by the Barclays Bank to lie at 99 billion US$ (68.8
    billion EUR)”

    From the English summary:

    Banks and financial advisors in Germany have
    been promoting agricultural crops as an
    attractive investment category for the past few
    years: rising food prices promise high returns
    that no one should miss, so they argue. The
    higher the price of basic food commodities, the
    higher the profits for investors — a bittersweet
    formula indeed.

    In Germany, we spend an average 10 per cent
    of our income on food. Families in poor
    countries, by contrast, must invest up to 80 per
    cent. As prices rise, hunger grows. This
    occurred in 2008: the global food crisis caused
    the number of hungry people worldwide to rise
    to over one billion and triggered hunger
    protests in 61 countries. “Everyone is eating
    less food. The women make the ultimate
    sacrifice. They take their food after everyone is
    done,” explained one agricultural worker during
    an interview with Oxfam.

    In 2010/2011, food prices skyrocketed once
    again. Forty-four million people living in poor
    countries—a number equal to more than half of
    the German population—were driven into
    hunger because they could no longer afford to
    buy food. Speculation with food is one of the
    key factors responsible for this extreme price
    volatility.

    A summary of the report in English can be found here.

    The full report (in German) can be found here.

    Filed Under: Oxfam Germany

    Comments

    1. Diana Marquand says:
      August 28, 2012 at 3:49 pm

      This really is a human rights issue. Under the United Nations convention on Human Rights we and our children have the right to food – which has to include enough to eat. We really do need to start campaigning on this basis. Please get in touch with me if you want ideas ofwho to get in touch with in the UK

      Reply
    2. Diana Marquand says:
      August 28, 2012 at 3:51 pm

      The issue of speculating on food is a Human Rights issue. The UN convention on Human Rights states that we have the right to life. This surely includes having enough food to eat. We need to contact barristers to take this matter to the International Criminal court and we need to lobby all MPs about this

      Reply

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    • Americans for Financial Reform
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