30.11.2012 - UN blames food price rises on trading in agricultural commodities
UN conference on trade and development (UNCTAD) says trade in futures contracts causes the most damage. The United Nations has laid the finger of blame for food price rises on trading in agricultural commodities, but says it is the trade in futures contracts an agreement to buy at a set price sometime in the future rather than the actual food stocks that causes the most damage. David Bicchetti, associate economic officer at UN conference on trade and development (UNCTAD), said "enormous, humongous" amounts of money are traded on commodities that don't actually exist. "Over $400bn [of paper money] is traded that's 20-30 times the physical production of the commodity."..............................................Full Article: Source
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