{"id":223668,"date":"2022-11-14T12:00:32","date_gmt":"2022-11-14T12:00:32","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=223668"},"modified":"2025-01-10T15:06:32","modified_gmt":"2025-01-10T15:06:32","slug":"market-lords-much-more-than-a-war-behind-worlds-food-crisis","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2022\/11\/market-lords-much-more-than-a-war-behind-worlds-food-crisis\/","title":{"rendered":"Market Lords, Much more than a War, behind World\u2019s Food Crisis"},"content":{"rendered":"

11 Nov 2022 – <\/em>While grain exports continue to regularly flow to world\u2019s markets since the July 2022 Turkey-brokered agreement between Russia and Ukraine to resume cereals and fertilisers shipments from both countries, food prices are still skyrocketing everywhere. How come?<\/p>\n

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In each of the three global food crises studied, financial speculation has caused steep increases in prices, making food inaccessible to hundreds of millions of people. Credit: Bigstock<\/strong><\/em><\/p>\n<\/div>\n

The handiest answer by establishment politicians and media is that it\u2019s all about the Russian invasion of Ukraine last February.<\/p>\n

Another argument they use is that it is Russia who interrupted its gas and oil exports, omitting the fact that it is West US-led sanctions that have drastically cut this flow to mostly European markets, causing a steady rise in energy costs, food transportation, etcetera.<\/span><\/p>\n

Nonetheless, such answers clearly ignore other structural causes: the dominant markets\u2019 shocking speculations.<\/p>\n

\u201cIt is true that the Russian invasion against Ukraine disrupted global markets, and that prices are skyrocketing. But that also tells us that markets are part of the problem,\u201d last April warned Michael Fakhri, the UN Special Rapporteur on the Right to Food, 2022<\/a>.<\/p>\n

Political failure<\/b><\/em><\/h3>\n

In his report to the United Nations Security Council, the Special Rapporteur stated that hunger and famine, like conflicts, are always the result of \u201cpolitical failures.\u201d<\/p>\n

Specifically, explains Michael Fakhri, \u201cMarkets are amplifying shocks and not absorbing them\u2026 food prices are soaring not because of a problem with supply and demand as such; it is because of price speculation in commodity futures markets.\u201d<\/p>\n

Blocking the solutions<\/b><\/em><\/h3>\n

The current food crisis is caused by \u201cinternational failures,\u201d he said, while providing two points in conclusion:<\/p>\n