FROM CLIMATE AND CAPITALISM.  ECOSOCIALIST NOTEBOOK

Making a killing from hunger

21st Century Barbarism is driven by men in suits 

The U.S. drought has destroyed 45% of the corn and 35% of the soya bean crop. Global food prices rose by 6% in July, intensifying the already severe food crisis.

But Chris Mahoney isn’t worried. In fact he’s pleased. He is agricultural products director of Glencore International PLC, the UK-based commodities speculator that recently purchased Canadian grain trader Viterra. Last year, Glencore’s pre-tax profits were $2.2 Billion.

The Guardian reports comments Mahoney made about food prices during a recent conference call:

“In terms of the outlook for the balance of the year, the environment is a good one. High prices, lots of volatility, a lot of dislocation, tightness, a lot of arbitrage opportunities.”

In short, while millions are dying of hunger, he’s going to make a killing by speculating on food.

—-