Main menu:

History of RPE Thought

Posts by Tag

RSS New from the CCPA

  • CCPA SK Annual General Meeting October 11, 2019
    Please join us for our Annual General Meeting in Saskatoon, 5:00pm, Thursday, October 24th at Station 20 West. (1120 20th St. West) Courtney Carlberg, author of Saskatchewan's Failing Report Card on Child Care, will discuss why Saskatchewan ranks the lowest for overall quality and rates of access to regulated child care in the country and […]
    Canadian Centre for Policy Alternatives
  • Corporate Mapping Project receives award for research excellence October 9, 2019
    The co-directors of the Corporate Mapping Project—CCPA-BC Director Shannon Daub and the University of Victoria’s William Carroll—are being celebrated in Victoria today as they accept a REACH Award for Excellence in Research. The REACH Awards recognize “research excellence” as demonstrated through scholarly contributions and societal impact. Since the inception of the Corporate Mapping Project, Shannon […]
    Canadian Centre for Policy Alternatives
  • Unpacking the details of Manitoba Hydro September 9, 2019
    What would a long view of Manitoba Hydro all entail.  Read report here.
    Canadian Centre for Policy Alternatives
  • CCPA submission to Treasury Board consultation on regulatory modernization September 6, 2019
    On June 29, 2019, the federal government launched a public consultation on initiatives intended to "modernize" the Canadian regulatory system. Interested Canadians were invited to provide input on four current initiatives: Targeted Regulatory Reviews (Round 2) Review of the Red Tape Reduction Act Exploring options to legislate changes to regulator mandates Suggestions for the next […]
    Canadian Centre for Policy Alternatives
  • Join us in November for the 2019 CCPA-BC Gala, featuring Nancy MacLean September 3, 2019
    Tickets are available for our 2019 Annual Gala Fundraiser, which will take place in Vancouver on November 21. This year’s featured speaker will be Nancy MacLean, an award-winning historian and author whose talk, The rise of the radical right: How libertarian intellectuals, billionaires and white supremacists shaped today’s politics, is very timely both in the US and here in […]
    Canadian Centre for Policy Alternatives
Progressive Bloggers

Meta

Recent Blog Posts

Posts by Author

Recent Blog Comments

The Progressive Economics Forum

World Bank Joint Ventures With JP Morgan

(The following was sent by ITUC Washington representative Peter Bakvis and deserves wider distribution. While this action by the World Bank might reduce food prices at the margin, it would be far preferable for them to push for regulation of speculation in food instead of joining in a destructive game.)
 

In partnership with Wall Street investment bank JP Morgan, the World Bank has launched a food commodity hedging facility that is supposed to provide “$4 billion in protection from volatile food prices for farmers, food producers, and consumers in developing countries”.

 

The Bank’s press release, below, quotes World Bank president Robert Zoellick and the CEO of JP Morgan’s investment bank division as claiming that the new instrument will allow producers and consumers in developing countries “to  access agricultural price risk management”. The World Bank’s private-sector lending arm, IFC, will share in the credit risk, thus offering financial guarantees to JP Morgan. The communiqué states that IFC hopes to involve other private banks in the venture.

 

Several research reports published by UN agencies and the World Bank itself have blamed financial sector investments for contributing to extreme food price fluctuations since the middle of the past decade. The most recent such report, issued by UNCTAD earlier this month, blames financialization of food commodity markets, particularly through derivatives, as a major cause of food price volatility. (We sent a message about this report to the IFI-L on 6 June.) The World Bank’s communiqué makes no mention of the negative impact of investment banks’ involvement in food commodity markets or of any measures the Bank is taking to limit such impact.

 

The World Bank’s communiqué is below and also available in Arabic, French and Spanish at:

http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:22945434~pagePK:34370~piPK:34424~theSitePK:4607,00.html

 

Enjoy and share:

Write a comment





Related articles