Stop Food Price Speculation
183 Civil Society Groups Urge President Obama and the U.S. Congress to Curb Food Speculation to Address the Urgent Hunger Crisis
Today a coalition of faith, hunger, international development, human rights, farm and food organizations, including Food First, sent a letter to President Barack Obama requesting speedy U.S. government action to prevent speculation in agricultural futures markets that threatens the food security of hundreds of millions of people worldwide. The letter states that “A significant part of last year’s food price fluctuations were the result of excessive speculation in the commodities markets by the very hedge funds and investment banks that helped create the current economic meltdown.”
The letter states that the 2008 food price volatility “could have been stopped with sensible rules that, if enforced, would have staved off the malnutrition and starvation that was caused by excessive gambling of food prices. Important reforms are needed now to prevent mega-investors from viewing the futures market like a casino where they can gamble on hunger.”
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