Monday, September 3, 2012

Hunger Games: The price of feeding the world

Have banks been speculating on food markets and could this contribute to pushing millions into hunger and poverty?

"The real problem is not that food is becoming more expensive, it's that money is losing value. Central banks all around the world are simply printing too much money and so you need more money to buy food. It's not the weather, it's not speculation, it's the inflation that central banks around the world are creating." - Peter Schiff, the CEO of Euro Pacific Capital

The NGO said Barclays had reportedly made more than $800m over the past two years from speculating on food markets and that investors were using the food market as a "playground".

It said this has contributed to hunger and poverty not only for millions in poor countries, but also in developed nations.

The allegations come on the back of a World Bank global hunger warning. According to a report by the bank released this week, global food prices have hit record highs. In July alone, its global food index increased by 10 per cent. More: Al Jazeera.

The program discusses the reasons for the increasing cost of food and what is being done to curb record highs. Teymoor Nabili discusses with Christine Haigh,Peter Schiff,& Aly Khan Satchu.