Surviving Capitalism (Not) : Global food bubble on the way? Pt. 1 (10:10m video)

We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Thursday, May 6, 2010

Global food bubble on the way? Pt. 1 (10:10m video)

from The Real News Network.

Paul Jay interviews Jayati Ghosh who is Professor of Economics and currently also Chairperson at the Centre for Economic Studies and Planning, School of Social Sciences, Jawaharlal Nehru University, New Delhi. She explains how prices for food have been grossly distorted since 2003 when a law was passed in the US allowing non-agricultural businesses to trade in the futures market. Based on her analysis, she predicts another imminent food price bubble.

Also, here is part 2 (8:09m video) where she further explains the operation of financial institutions playing in the "free" markets to increase their profits but result in undermining food supplies in developing countries, and she explains what needs to be done to stop this.