The Food and Agriculture Organization (FAO), says FoodNavigator.com, is proposing “limited” regulation of food futures.
“Limited” doesn’t go nearly far enough. Food futures need regulation, big time.
In a policy brief, FAO attributes the recent crisis over food prices to speculation on food futures. Futures trading drove up the prices of food staples—corn, rice, and wheat—to record levels.
If, like me, you find this kind of trading incomprehensible, help is at hand.
And applaud FAO for at least taking a tiny first step to getting speculation in food under control.
Next public appearance
I’m doing a bookstore reading at 3:00 p.m. on the tenth anniversary edition of Food Politics, out May 1. Omnivore Books, 3885 Cesar Chavez St (between 26th and 27th, @ Church)