Corn Mafia Henchmen Cargill Blame The Government For Rising Food Prices
pic credit: Indymedia
Forgive me, this link is a few weeks old but still very relevant as it deals with the Corn Mafia henchmen at Cargill and their unreasonable view that it is, in fact, government to blame for rising food prices.
That is somewhat correct. The real reason food prices are so high is that A) there are more people to feed on this planet than this planet was ever built to feed, B) we burn food in our cars and C) those money-printing maniacs at the Federal Reserve are pumping funny money into any market stupid enough to still be traded in dollars. But hey, it's a good time to be in agriculture I suppose.
Cargill Inc. Chief Executive Officer Greg Page, who runs the largest agricultural company in the U.S., has a good idea whom to blame for the global surge in food prices at the end of 2010: governments.
Page urged 708 delegates and guests at the National Grain and Feed Association convention in San Diego in March to take action, Bloomberg Markets magazine reports in its September issue. He said government hoarding was the biggest contributor to the rise in prices, which had soared 15 percent from October through January and pushed 44 million people into poverty, according to the World Bank.
“Ill-timed, ill planned and really a beggar-thy-neighbor strategy,” Page, 59, said of moves by Russia and others to ban grain exports as droughts and floods helped send stockpiles to their lowest levels in two generations.
Page warned that further disruptions might ratchet up costs so much that governments would jump in with more regulations -- not only on grain shipments but also on energy, trade and financial markets. Such moves could discourage investing in agriculture and hurt the poor.
“We have to make sure lawmakers share our understanding,” he said, imploring the executives to increase their lobbying to keep government hands off agricultural markets.
Hint hint. Get that, lawmakers? A private company in charge of polluting the food supply thinks you need to butt out.
If you read JDA regularly, you've definitely heard of Cargill. And if you live in the frozen tundra of the Midwest, you probably know who they are. But how many Americans know that so much of their food is touched by Cargill's magic wand at some point along the way?
In the 4 1/2 years leading up to November of 2010, Cargill shareholder equity nearly doubled to $29.5 billion. Keeping in mind that this period includes the worst recession the U.S. (and the world) has seen in nearly a century, if not ever. It's good to be king, I guess.
Chicago-based research firm AgResource Co. president Dan Basse told Bloomberg “Cargill sells seed and chemicals to farmers, buys their grain, transports it to Cargill feedlots, kills the cattle and sells the beef. They’re not part of the food chain; they are the chain.”
Apparently 2011 hasn't been as kind to Cargill, with the company posting a 66% loss for its first fiscal quarter ended August 31st.
Oh and that "corn sweetener" we Americans love so much? Its price is about to rise by 30%, according to a Cargill announcement.
It doesn't matter that they're pumping out bad meat resistant to antibiotics (duh, that's because they're putting antibiotics in it to begin with), or that they are basically in direct control of our food supply.