World's Biggest Commodities Trading Company Excited to Cash in on Drought, Hunger

In this day and age it's not surprising to see multinationals drooling over profits -- at whatever expense that may mean to the less fortunate. Things are apparently no different for Glencore, the biggest commodities trading company.

The Independent reported:


With the US experiencing a rerun of the drought "Dust Bowl" days of the 1930s and Russia suffering a similar food crisis that could see Vladimir Putin's government banning grain exports, the senior economist of the UN's Food and Agriculture Organisation, Concepcion Calpe, told The Independent: "Private companies like Glencore are playing a game that will make them enormous profits."

Ms Calpe said leading international politicians and banks expecting Glencore to back away from trading in potential starvation and hunger in developing nations for "ethical reasons" would be disappointed.

"This won't happen," she said. "So now is the time to change the rules and regulations about how Glencore and other multinationals such as ADM and Monsanto operate. They know this and have been lobbying heavily around the world to water down and halt any reform."

Why is she so concerned? Statements like this from a Glencore directore, "The environment is a good one. High prices, lots of volatility, a lot of dislocation, tightness, a lot of arbitrage opportunities. We will be able to provide the world with solutions... and that should also be good for Glencore."

Check out the full story at the Indpendent and the reaction from Oxfam.

AlterNet / By Tara Lohan

Posted at August 24, 2012, 9:24am

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