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Arabica Robusta

Gambling with the futures | SocialistWorker.org - 0 views

socialistworker.org/...gambling-with-futures

contracts crisis food futures socialistworker speculative

shared by Arabica Robusta on 20 May 08 - Cached
  • HISTORICALLY, FUTURES contracts were traded primarily between producers of commodities and consumers of commodities at large, regulated commodities exchanges. Most futures contracts eventually resulted in the actual delivery of a commodity on a set date. That's all changed in recent years. Now, the bulk of firms trading on futures exchanges are speculators with no intention of ever receiving delivery of the commodities they are trading.
  • All other things being equal, the prices of expiring futures contracts should converge with the pricing on spot markets on the date of expiration--that is, the price of oil in June should be pretty close to the price of oil futures contracts trading today that expire in June. But there are huge divergences developing. Why? Because there are too many investors chasing too few futures contracts, and this is creating demand for the underlying commodity that drives up the price of the commodity to be delivered in the future.
  • Arabica Robusta on 20 May 08
     
    HISTORICALLY, FUTURES contracts were traded primarily between producers of commodities and consumers of commodities at large, regulated commodities exchanges. Most futures contracts eventually resulted in the actual delivery of a commodity on a set date. That's all changed in recent years. Now, the bulk of firms trading on futures exchanges are speculators with no intention of ever receiving delivery of the commodities they are trading.
Arabica Robusta

Africans Face Competing Visions of Agricultural Development at a Critical Juncture | Fo... - 0 views

www.foodfirst.org/2933

earth institute sachs food sovereignty

shared by Arabica Robusta on 01 Jun 10 - Cached
  • The IFIs' fixation on macroeconomic indicators leads to the misguided belief that bumping up countries' GDPs will help poor Africans by way of some mythological trickle-down effect that has yet to materialize. This metric has led, among other things, to an inexorable push in Africa for large scale industrial agriculture for export markets, while leaving the peasant farmers who produce most of the food consumed by Africans out of the equation. The aid regime has thus done more to open Africa's agricultural resources for exploitation than to mitigate the roots of poverty and hunger in Africa.
  • While it is not surprising that the IFIs mediate the global economy, often brutally, in favor of the OECD countries-the flip side would be to engage in development activities as if these global imbalances did not exist. This seems to be the Earth Institute's perspective. Their website describes their program as bringing the benefits of scientific expertise of "850 scientists, postdoctoral fellows, staff and students working in and across more than 30 Columbia University research centers" to solve "real world problems." The Earth Institute believes "finding solutions to one problem, such as extreme poverty, must involve tackling other related challenges, such as environmental degradation and lack of access to health care and education."
  • It is not difficult to succeed when one has a lot of money and one defines success as eradicating poverty in individual villages.
  • ...3 more annotations...
  • The villagers in Sauri are understandably happy with the results, but off the record they have criticized the non-inclusiveness of the top-down approach.[i] UN officials and scientists have also been reluctant to speak against Sachs on the record for fear of retribution.
  • The Millennium Villages siphon off money better spent elsewhere, and draw attention away from creative, grassroots approaches to local problems. Long-term solutions require sustainable low-tech methods that farmers can control, such as permaculture, seed banks, and green manure; as well as redistributive land reform and marketing boards to provide some security.
  • Millennium Challenge Corporation (no direct relation to the Millennium Villages project). Created in 2004, the MCC is a U.S. Government aid organization that has spent $5.5 billion since 2004 awarding contracts to private businesses in target countries. The MCC's focus on raising the overall GDP is being pursued with the same failed policies as the IFIs: aggressive privatization, foreign direct investment (predatory capital), and global integration.  One of the more contentious aspects for small farmers are land grabs by foreign investors, facilitated via MCC contracts for "Systematic Land Regularization and Improvement of Rural Land Allocation." A recent report by GRAIN reveals that the MCC has been using "Land Regularization" to change land ownership rules and gain access to tens of thousands of acres of land in three of the ECOWAS countries: Benin, Ghana, and Mali.
Arabica Robusta

Manufacturing a Food Crisis - 0 views

www.thenation.com/...bello

bello crisis development food international neoliberalism security

shared by Arabica Robusta on 26 May 08 - Cached
  • an intriguing question escaped many observers: how on earth did Mexicans, who live in the land where corn was domesticated, become dependent on US imports in the first place?
  • The Mexican food crisis cannot be fully understood without taking into account the fact that in the years preceding the tortilla crisis, the homeland of corn had been converted to a corn-importing economy by "free market" policies promoted by the International Monetary Fund (IMF), the World Bank and Washington. The process began with the early 1980s debt crisis. One of the two largest developing-country debtors, Mexico was forced to beg for money from the Bank and IMF to service its debt to international commercial banks. The quid pro quo for a multibillion-dollar bailout was what a member of the World Bank executive board described as "unprecedented thoroughgoing interventionism" designed to eliminate high tariffs, state regulations and government support institutions, which neoliberal doctrine identified as barriers to economic efficiency. Interest payments rose from 19 percent of total government expenditures in 1982 to 57 percent in 1988, while capital expenditures dropped from an already low 19.3 percent to 4.4 percent. The contraction of government spending translated into the dismantling of state credit, government-subsidized agricultural inputs, price supports, state marketing boards and extension services. Unilateral liberalization of agricultural trade pushed by the IMF and World Bank also contributed to the destabilization of peasant producers. This blow to peasant agriculture was followed by an even larger one in 1994, when the North American Free Trade Agreement went into effect. Although NAFTA had a fifteen-year phaseout of tariff protection for agricultural products, including corn, highly subsidized US corn quickly flooded in, reducing prices by half and plunging the corn sector into chronic crisis. Largely as a result of this agreement, Mexico's status as a net food importer has now been firmly established.
  • Arabica Robusta on 26 May 08
     
    an intriguing question escaped many observers: how on earth did Mexicans, who live in the land where corn was domesticated, become dependent on US imports in the first place? * Related * Also By * Haiti on the 'Death Plan' Subscribe Globalization Reed Lindsay: Protesters decry high food prices--and the savage cost of "free trade" agreements. * Manufacturing a Food Crisis Agriculture Walden Bello: How "free trade" is destroying Third World agriculture--and who's fighting back. * The World Food Crisis Globalization John Nichols: We must rein in the global food giants who reap profits at the expense of the planet and the poor. * Democratizing Capital Globalization Sherle R. Schwenninger: New Deal progressives believed the economy should exist to serve society, not the other way around. * Milk Wars Agriculture David E. Gumpert: As struggling dairy farmers seek profits by responding to rising consumer demand for raw milk, regulators are taking a hard line. * Banana Kings Agriculture Emily Biuso: The history of banana cultivation is rife with labor and environmental abuse, corporate skulduggery and genetic experiments gone awry. * The Big Yam China John Feffer: Chinese hearts, minds and pocketbooks get a lot of attention from the Eastern and Western consumer markets. » More * Manufacturing a Food Crisis Agriculture Walden Bello: How "free trade" is destroying Third World agriculture--and who's fighting back. * Microcredit, Macro Issues Peace Activism Walden Bello: The Swedish Academy bestowed this year's Nobel Peace Prize to Muhammad Yunus, the father of microcredit. It's easy to believe Yunus's low-interest loans to the poor are a silver bullet against global economic injustice. But it's not that simple. * Letter From the Philippines Su
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