Food crisis? There's always a silver lining
There's always a silver lining... for some.
The unusuaily severe US drought that is pushing up food prices all over the world has been welcomed by corporate giant Glencore because it's an opportunity for the company to make more money.
The company's director of agricultural products, Chris Mahoney, is quoted as saying, "The environment is a good one. High prices, lots of volatility, a lot of dislocation, tightness, a lot of arbitrage opportunities [the purchase and sale of an asset in order to profit from price differences in different markets]."
Or, in the words of former UN bureaucrat Raj Patel: ""They [Glencore] are millionaires making money from other people's misery caused by the drought," he said. "It's the sad fact of how the international food system – that they pushed for and our governments gave to them – works."
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