Pope slams selfish food speculators, urges curbs on world commodity markets

July 1, 2011

(Traders in the Corn options pit at the CME Group signal orders shortly before the closing bell in Chicago, February 11, 2011/Frank Polich )

Pope Benedict said on Friday financial trading based on “selfish attitudes” is spreading poverty and hunger and called for more regulation of food commodity markets to guarantee everyone’s right to life. “Poverty, underdevelopment and hunger are often the result of selfish attitudes which, coming from the heart of man, show themselves in social behaviour and economic exchange,” the pope told a U.N. food agency conference.

“How can we ignore the fact that food has become an object of speculation or is connected to movements in a financial market that, lacking in clear rules and moral principles, seems anchored on the sole objective of profit?” he asked.

The Rome-based Food and Agriculture Organisation’s (FAO) food price index hit a record high earlier this year, reviving memories of soaring prices in 2007-08 that sparked riots in developing countries. That gave fresh urgency to the debate about how to improve a global food system that leaves some 925 million people hungry.

There is controversy over how much a new wave of investments by funds into commodities has contributed to pushing up prices. The issue has pitted French President Nicolas Sarkozy, who blames speculators for surging food prices and unrest in some countries, against other countries who see little interest in more market regulation.

In June, G20 farm ministers struck a deal that paved the way to more global cooperation on agricultural issues but steered clear of concrete regulatory measures.

The pope said a reform of agricultural markets was urgent to ensure everyone has enough to eat. “Eating touches on the fundamental right to life. Guaranteeing that means reacting directly and without delay to those factors in the agricultural sector that are negatively affecting the capacity to manufacture and distribute.”

via Pope says selfish food speculation causing hunger.

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Posted by Pope denounces commodities speculation – Sacramento Bee | FinancialUpdate.org | Report as abusive

…. So true … nothing is sacred anymore … the rules and the players that invest in commodities speculation ( in this case food) have lost their sense of social responsibility for the common good. May God help us.

Posted by 1957man | Report as abusive