Leading economists call on G20 finance ministers to stop speculation fuelling hunger
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Uploaded by ONBroadcast1 on Oct 12, 2011
WEDNESDAY 12TH OCTOBER 2011: More than 450 economists from over 40 countries will today call on G20 finance ministers to take urgent action to stop financial speculation in commodity markets, which are driving up food prices and fuelling hunger.
With around 1 billion people enduring chronic hunger worldwide, economists believe excessive financial speculation is contributing to increasing volatility and record food prices, further exacerbating global hunger and poverty driving global hunger figures to their highest on record.
In a signed letter to G20 finance ministers, who are meeting in Paris this week, economists are calling for urgent action to curb excessive speculation and its effects on global food prices. The economists are demanding greater control over financial gambling by speculators by ensuring that strict rules are put in place to limit the hold of bankers over the world's food markets.
The US has led the way in seeking to control speculation and European proposals for similar rules are expected to be announced next week. However, lobbying from the finance sector is delaying political action and the UK government are set to block European legislation.
Economists from top universities including Cambridge, Oxford, Cornell, Berkeley, Vienna and the London School of Economics have signed the letter, adding their voices to an escalating international campaign. The United Nations, the Pope, French President Nicolas Sarkozy and Starbucks CEO Howard Schultz are among those who have already spoken out in favour of curbing speculation.
Other key information:
• Food prices in UK are rising at three times the rate of the world's seven biggest economies with food inflation currently at around 6.3%
• In the last six months of 2010, 44 million people were pushed into extreme poverty by rising food prices - equivalent to almost two in every three people in the UK
• In just three months at the end of 2010 and early 2011 the price of maize rose by; 27% in Kenya, 25% in Uganda, 20% in the Democratic Republic of Congo, Mexico 37%, Brazil 15% and 14% in Argentina
• In 2010 there were 925 million hungry people globally or almost 1 in 7 people
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