everything in moderation. too much speculation distorts food prices. you ve heard of the dot com bubble and house be bubble. let s call this the food bubble. the number of people going hungry is rising on the earth for the first time in history. food prices predicted to jump another 20% this year. and as the bubble squeezes our world s poorest, it is releasing torrents of anger and frustration. people blaming their governments for the results of this rampant speculation. but the biggest blame does not lion wall street. the most sinistering r driver of explode be food price is in the halls of our government hell bent on covering up 2008 massive mega bank s theft. the federal reserve s answer the office turn on the plointing machine in overdrive creating trillions of new dollars on their computers, pumping them into our economy to cover up the
and then you get the dominos to tip over like we re seeing now. i want to talk about our own dome no, relationship between america s mega banks, the political can contribution system where 40% of the political donations for both republicans and democrats come from the banks so you have the giant banks as the bulk provider of money for politicians, you have the implicit and explicit support of the government both through tax code and money printing. you then get the what you just described the new money going some place in this case into a food bubble and then the food bubble has the impact on the poorest nations where we reported 80% of their income goes food which is inconceivable to americans. just how sinister is that between the banks, the political contribution, the support, soaring prices and the unrest? well, it s extremely
president brush saush said sure. more than a dozen other firms followed suit. goldman sachs even created commodities indexes. to simplify the betting and goose casual investors into the casino. again, wall street followed suit. remember the real estate bubble? wall street wanted to hedge all of those bets it made on mortgages. so they ramped up their bets on commodities. and when wall street started losing money on sub primes, they bet it on commodities instead. by 2008, wall street had five times more futures contracts in commodities than it did in 2002. commodity indexes held about $13 billion in 2003. by 2008 it was over a quarter trillion. that s how we got the oil bubble. and record high gas prices added to the cost of shipping food plus speculators looking for another bubble, and you get a food bubble.
more than a dozen other firms followed suit. goldman sachs even created commodities indexes. to simplify the betting and goose casual investors into the casino. again, wall street followed suit. remember the real estate bubble? wall street wanted to hedge all of those bets it made on mortgages. so they ramped up their bets on commodities. and when wall street started losing money on sub primes, they bet it on commodities instead. by 2008, wall street had five times more futures contracts in commodities than it did in 2002. commodity indexes held about $13 billion in 2003. by 2008 it was over a quarter trillion. that s how we got the oil bubble. and record high gas prices added to the cost of shipping food plus speculators looking for another bubble, and you get a food bubble.