Food Bubble: How Wall Street Starved Millions and Got Away With It.

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The Food Bubble: How Wall Street Starved Millions and Got Away With It

 

While Goldman Sachs agreed to pay $550 million to resolve a civil fraud lawsuit filed by the SEC, Goldman has not been held accountable for many of its other questionable investment practices. A new article in Harper's magazine examines the role Goldman played in the food crisis of 2008 when the ranks of the world’s hungry increased by 250 million. 

 

The Food Bubble - Late Night Live - 13 July 2010

 

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The Food Bubble: Harpers
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In 2008, the soaring cost of basic foods sparked riots and civil unrest across many of the poorest countries in the world. At first it was thought that food production wasn't keeping pace with an exploding world population, or that the large scale production of bio-fuels was a factor, or the rising cost of oil which increased the cost of fertilisers. But an analysis by the UN's Food and Agriculture Organisation revealed that the year before, grain harvests were at record levels, and that there was more than enough food to feed everybody in the world. So could this happen again?