Bankers vs starving children
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- Published on Thursday, 12 June 2014 13:20
- Written by editor
Goldman Sachs, Barclays, and other big investment banks are making billions by speculating on the price of food--driving up food prices and pushing billions of people into hunger worldwide.
Can you chip in $1 to stop financial speculators from driving up the price of food?
Imagine you were walking down the street and saw a wealthy banker snatch food out of the hands of a homeless child. What would you do?
Give him a dirty look? Demand he give the food back? Call the police?
You don’t have to imagine it, because it’s happening every day--not out on the street where people can see it, but in financial markets where speculators are making billions driving up the price of food.
In fact, Goldman Sachs, Barclays, Deutsche Bank, JP Morgan and Morgan Stanley together made $3.7 billion betting on food prices from 2010-2012—causing food prices to rise and pushing hundreds of billions of people into hunger.
SumOfUs is a global movement of consumers and shareholders, and with or more than 4 million members, we have the power to force these banks to change—if we organize. Can you chip in $1 to help launch a major global campaign to end food speculation by wealthy bankers?
Yes, I'll chip in $1 to stop financial speculators from driving up the price food.
Food speculation has skyrocketed in recent years with the deregulation of financial markets.
You see, it used to be that markets were limited to only farmers and other people actually involved in selling and buying food. But today, as much as 60-80% of some markets are controlled by speculators--who simply drive up the price of food and get rich by taking food out of the mouths of starving people.
Today almost 1 trillion people worldwide live in hunger, and even in wealthy countries people are struggling with rising food costs.
The good news is that pressure on the bankers is increasing. The EU earlier this year voted to put in place limits on food speculation in European markets. And American regulators have proposed new limits as well.
But these new limits don’t go nearly far enough--becuase the solution isn’t to limit how much food speculators can steal from starving children. It should be stopped altogether.
That’s why we’re taking the fight directly to the bankers responsible. If we can raise sufficient funds to launch this campaign, we'll launch a hard-hitting ad campaign shaming the bankers and organize shareholders and consumers to demand an end to food speculation.
Click here to chip in $1 and help end food speculation.
Thanks for all you do,
Paul, Jon and the team at SumOfUs
SumOfUs is a worldwide movement of people like you, working together to hold corporations accountable for their actions and forge a new, sustainable path for our global economy.
