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disallow all derivatives on food.

Comment 2nd July 2010

http://johannhari.com//2010/07/02/how-goldman-sachs-gambling-on-starving-the-worlds-poor-and-won

"For over a century, farmers in wealthy countries have been able to engage in a process where they protect themselves against risk. Farmer Giles can agree in January to sell his crop to a trader in August at a fixed price. If he has a great summer and the global price is high, he'll lose some cash, but if there's a lousy summer or the price collapses, he'll do well from the deal. When this process was tightly regulated and only companies with a direct interest in the field could get involved, it worked well.

Then, through the 1990s, Goldman Sachs and others lobbied hard and the regulations were abolished. Suddenly, these contracts were turned into 'derivatives' that could be bought and sold among traders who had nothing to do with agriculture. A market in "food speculation" was born."

Why does this matter?

Remove the right of fininal speculators to play with the food price to there benifit. Food is zero VAT rated to protect the poor, food should also be except from derivative trading for the same reason.

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