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
This is the rescheduling of the lecture I was supposed to give on October 10. The taxi driver went through red light at entrance to the Pulaski, was pulled over and found to be driving without a license. We never made it. The lecture is on food politics. It starts at 6:00. Free and open to the public. The Newark Museum is at 49 Washington Street. This time, I’ll take the PATH.