Did Goldman Sachs provoke a world hunger crisis?
Best Opinion: Independent, Guardian, Daily Mail Wall Street giant Goldman Sachs apparently didn’t end its PR troubles by settling a fraud lawsuit with regulators — now a British nonprofit is accusing the firm’s traders of starving some of the world’s poor by creating a speculative frenzy in food commodities. The World Development Movement has launched an online campaign accusing Goldman of spearheading commodities speculation that sent the prices of wheat, corn, rice, and other staples skyrocketing in late 2006, pushing 200 million people toward malnutrition and starvation. Goldman called the accusation “disingenuous and downright misleading.” Who’s right? (Watch a discussion about the alleged wrongdoing) It’s true — traders gambled away lives: Food wasn’t scarce — speculators just made it too expensive for the poor to afford, says Johann Hari at Britain’s Independent. Prices of rice and other staples traded on the futures markets rose by 80 to 320 percent, while other vital crops, inc
