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Goldman Sachs Made 400 Million Betting On Food Prices In 2012 While Hundreds Of Millions Starved

Starving Child In Ethiopia - Photo by Cate Turton - Department for International DevelopmentWhy does it seem like wherever there is human suffering, some giant bank is making money off of it?  According to a new report from the World Development Movement, Goldman Sachs made about 400 million dollars betting on food prices last year.  Overall, 2012 was quite a banner year for Goldman Sachs.  As I reported in a previous article, revenues for Goldman increased by about 30 percent in 2012 and the price of Goldman stock has risen by more than 40 percent over the past 12 months.  It is estimated that the average banker at Goldman brought in a pay and bonus package of approximately $396,500 for 2012.  So without a doubt, Goldman Sachs is swimming in money right now.  But what is the price for all of this "success"?  Many claim that the rampant speculation on food prices by the big banks has dramatically increased the global price of food and has caused the suffering of hundreds of millions of poor families around the planet to become much worse.  At this point, global food prices are more than twice as high as they were back in 2003.  Approximately 2 billion people on the planet spend at least half of their incomes on food, and close to a billion people regularly do not have enough food to eat.  Is it moral for Goldman Sachs and other big banks such as Barclays and Morgan Stanley to make hundreds of millions of dollars betting on the price of food if that is going to drive up global food prices and make it harder for poor families all over the world to feed themselves?

This is another reason why the derivatives bubble is so bad for the world economy.  Goldman Sachs and other big banks are treating the global food supply as if it was some kind of a casino game.  This kind of reckless activity was greatly condemned by the World Development Movement report...

"Goldman Sachs is the global leader in a trade that is driving food prices up while nearly a billion people are hungry. The bank lobbied for the financial deregulation that made it possible to pour billions into the commodity derivative markets, created the necessary financial instruments, and is now raking in the profits. Speculation is fuelling volatility and food price spikes, hurting people who struggle to afford food across the world."

So shouldn't there be a law against this kind of a thing?

Well, in the United States there actually is, but the law has been blocked by the big Wall Street banks and their very highly paid lawyers.  The following is another excerpt from the report...

"The US has passed legislation to limit speculation, but the controls have not been implemented due to a legal challenge from Wall Street spearheaded by the International Swaps and Derivatives Association, of which Goldman Sachs is a leading member. Similar legislation is on the table at the EU, but the UK government has so far opposed effective controls. Goldman Sachs has lobbied against controls in both the US and the EU."

Posted below is a chart that shows what this kind of activity has done to commodity prices over the past couple of decades.  You will notice that commodity prices were fairly stable in the 1990s, but since the year 2000 they have been extremely volatile...

Commodity Prices

The reason for all of this volatility was explained in an excellent article by Frederick Kaufman...

The money tells the story. Since the bursting of the tech bubble in 2000, there has been a 50-fold increase in dollars invested in commodity index funds. To put the phenomenon in real terms: In 2003, the commodities futures market still totaled a sleepy $13 billion. But when the global financial crisis sent investors running scared in early 2008, and as dollars, pounds, and euros evaded investor confidence, commodities -- including food -- seemed like the last, best place for hedge, pension, and sovereign wealth funds to park their cash. "You had people who had no clue what commodities were all about suddenly buying commodities," an analyst from the United States Department of Agriculture told me. In the first 55 days of 2008, speculators poured $55 billion into commodity markets, and by July, $318 billion was roiling the markets. Food inflation has remained steady since.

The money flowed, and the bankers were ready with a sparkling new casino of food derivatives. Spearheaded by oil and gas prices (the dominant commodities of the index funds) the new investment products ignited the markets of all the other indexed commodities, which led to a problem familiar to those versed in the history of tulips, dot-coms, and cheap real estate: a food bubble. Hard red spring wheat, which usually trades in the $4 to $6 dollar range per 60-pound bushel, broke all previous records as the futures contract climbed into the teens and kept on going until it topped $25. And so, from 2005 to 2008, the worldwide price of food rose 80 percent --and has kept rising.

Are you angry yet?

You should be.

Poor families all over the planet are suffering so that Wall Street bankers can make bigger profits.

It's disgusting.

Many big financial institutions just seem to love to make money on the backs of the poor.  I have previously reported on how JP Morgan makes billions of dollars issuing food stamp cards in the United States.  When the number of Americans on food stamps goes up, so does the amount of money that JP Morgan makes.  You can read much more about all of this right here: "Making Money On Poverty: JP Morgan Makes Bigger Profits When The Number Of Americans On Food Stamps Goes Up".

Sadly, the global food supply is getting tighter with each passing day, and things are looking rather ominous for the years ahead.

According to the United Nations, global food reserves have reached their lowest level in nearly 40 years.  Global food reserves have not been this low since 1974, but the population of the world has greatly increased since then.  If 2013 is another year of drought and bad harvests, things could spiral out of control rather quickly...

World grain reserves are so dangerously low that severe weather in the United States or other food-exporting countries could trigger a major hunger crisis next year, the United Nations has warned.

Failing harvests in the US, Ukraine and other countries this year have eroded reserves to their lowest level since 1974. The US, which has experienced record heatwaves and droughts in 2012, now holds in reserve a historically low 6.5% of the maize that it expects to consume in the next year, says the UN.

"We've not been producing as much as we are consuming. That is why stocks are being run down. Supplies are now very tight across the world and reserves are at a very low level, leaving no room for unexpected events next year," said Abdolreza Abbassian, a senior economist with the UN Food and Agriculture Organisation (FAO).

The world has barely been able to feed itself for some time now.  In fact, we have consumed more food than we have produced for 6 of the last 11 years...

Evan Fraser, author of Empires of Food and a geography lecturer at Guelph University in Ontario, Canada, says: "For six of the last 11 years the world has consumed more food than it has grown. We do not have any buffer and are running down reserves. Our stocks are very low and if we have a dry winter and a poor rice harvest we could see a major food crisis across the board."

"Even if things do not boil over this year, by next summer we'll have used up this buffer and consumers in the poorer parts of the world will once again be exposed to the effects of anything that hurts production."

We desperately need a good growing season next summer, and all eyes are on the United States.  The U.S. exports more food than anyone else does, and last summer the United States experienced the worst drought that it had seen in about 50 years.  That drought left deep scars all over the country.  The following is from a recent Rolling Stone article...

In 2012, more than 9 million acres went up in flames in this country. Only dredging and some eleventh-hour rain kept the mighty Mississippi River from being shut down to navigation due to low water levels; continuing drought conditions make "long-term stabilization" of river levels unlikely in the near future. Several of the Great Lakes are soon expected to hit their lowest levels in history. In Nebraska last summer, a 100-mile stretch of the Platte River simply dried up. Drought led the USDA to declare federal disaster areas in 2,245 counties in 39 states last year, and the federal government will likely have to pay tens of billions for crop insurance and lost crops. As ranchers became increasingly desperate to feed their livestock, "hay rustling" and other agricultural crimes rose.

Ranchers were hit particularly hard.  Because they couldn't feed their herds, many ranchers slaughtered a tremendous number of animals.  As a result, the U.S. cattle herd is now sitting at a 60 year low.

What do you think that is going to do to meat prices over the next few years?

Meanwhile, the drought continues.  According to the U.S. Drought Monitor, this is one of the worst winter droughts the U.S. has ever seen.  At this point, more than 60 percent of the entire nation is currently experiencing drought.

If things don't turn around dramatically, 2013 could be an absolutely nightmarish year for crops in the United States.  If 2013 does turn out to be another bad year, food prices would soar both in the U.S. and on the global level.  The following is from a recent CNBC article...

The severe drought that swept through much of the U.S. last year is continuing into 2013, threatening to cripple economic growth while forcing consumers to pay higher food prices.

"The drought will have a significant impact on prices, especially beef, pork and chicken," said Ernie Gross, an economic professor at Creighton University and who studies farming issues.

So let us hope for the best, but let us also prepare for the worst.

It looks like higher food prices are on the way, and millions of poor families all over the planet will be hard-pressed to feed their families.

Meanwhile, Goldman Sachs will be laughing all the way to the bank.

A Global Food Crisis Is Coming - Are You Ready? - Photo by Oxfam East Africa

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  • K

    The big banks and those that run them. Are one of the purest forms of evil, on the planet. No amount of money or luxury, will make up for their special place in Hades. If this wording does not trip the filters. Please delete the original post that went to moderation.

  • Cinderella Man

    This article really hits home with me. Because of high hay and feed prices my dad had to eliminate most of his herds. This summer doesnt look much better either. This winter has been nothing to rave about. It has only snowed about three times and only in the last month has any of it stuck around. This is perilous times indeed. My dad said straight up if next summer is like the last he will go out of business. Very heartbreaking indeed.

    • MichaelfromTheEconomicCollapse

      Hang in there man. Let us certainly hope for a better summer this year.

      Michael

    • Hambone

      Based on yesterday’s article, I think there is a Chinese firm standing by ready to buy it.

      • Mondobeyondo

        Cows can’t eat sushi.

        • Hambone

          You think that’s tough, wait until they try and make them use chopsticks with their cloven hooves.

    • Mondobeyondo

      I am sorry about that. You’ll pull through.

  • Ralfine

    So?
    That’s what banks do. Maximising profits.

    I don’t understand why people act surprised.

    • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

      you are a racist

  • 2Gary2

    Let me be the first to say that Obama has been a dismal failure as it relates to regulating Wall Street. The TBTF are even bigger, no one has gone to jail for the obvious fraud, and Obama appoints insider d-bags like guithner and lew. He is clearly not interested in solving this mess.

    I think its so amusing when right wingers call Obama a socialist when all the evidence points to his being a moderate republican in the likes of Bob Dole, Richard Nixon etc.

    I wish he were more of a socialist.

    • Ralfine

      There is nothing socialist about the Democratic Party.

      If you want socialist, you should vote socialist.

      There should be 1 or 2 relevant parties in the US.

      • El Pollo de Oro

        Ralfine: The corporatist Democrap Party isn’t “socialist” any more than the corporatist Repuli-Con Party believes in “free enterprise,” “rugged individualism” or true competition. Both wings of The BRA War Party are puppets of the fascist
        banksters. Granted, the Democraps believe the banksters are better served by throwing the starving peasants a few stale bread crumbs, while the Repuli-Cons think the banksters are better served by letting the starving peasants die in the streets. The Democraps fear the hungry peasants will storm the bastille and harm their bankster buddies, while the Republi-Cons WANT the peasants to storm the bastille so they can enjoy watching the goon squad shoot them dead. But either way, The War Party bows down to the gangster criminality that is Wall Street.

        • RICHARD

          both parties are a two headed snake.

          • El Pollo de Oro

            And whether we’re getting bitten by Poisonous Snake A or Poisonous Snake B, the venom is still fast-acting and deadly.

          • Rodster

            Except the Poisonous Snake A coming from Obuma kills you almost instantly whereas the venom from the RINO’s prolongs the agony.

        • Nickelthrower

          You, sir, are correct.
          How come every facet of American life revolves around a great number of choices? Take toilet paper for example. You can have 1 ply, 2 ply, quilted, scented, etc. It comes designed with babies, angels, bears and bunnies. Some stores have an entire isle dedicated to toilet paper.

          The same holds true with potato chips. You can get them plain, baked, fried and in any flavor you can imagine because CHOICE is the American way.

          Yup, choices is the American way for everything EXCEPT our political parties. For some reason, there are only two viable parties and both look and act in an identical manner.

          Something doesn’t seem right. . .

    • Hammerstrike

      Obama is one of the truest objectivist since Ayn Rand herself, all his decisions are motivated by self-interest and the rest of the time, he relax and take his gold Courses. Both have a Master in Cult Leadership.

      The big difference is that Ayn Rand came out somewhat openly about her beliefs and would realize that at some point, the great fire would begin spreading in her direction too.

      It is self-defeatingg for most right-wingers to call Obama a socialist because they really are doing his propaganda campaign for him.

      Obama has a class warfare rethoric? Well, that is the thing, it is just rethoric, the wealth gap have grown faster under Obama than under Bush and his taxe cuts!
      Democrates are not the party of the poor and the Little Man, they are the true party of the rich and among the rich, the worst lot of them by a wide margine.

      • Hammerstrike

        Ohhh, I hurt someon´s feelings?

    • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

      I wish you would stop sucking the obamapenis

    • Hambone

      Some times I think the moderates are every bit as dangerous as the socialists. Moderate can mean “stands for nothing.”

      That said, I don’t think Oblamer is a moderate. He definitely leans left. I do agree with you about Dole. I cast my vote for him, but I certainly didn’t feel good about it.

    • Mark

      A better term might be a fascist Government control of AIG,GM, contriol of medicine, buddy loans to different companies. The CEO of Whole Foods had it sort of right.

      • RICHARD

        Your right there mark it is a fascist state but it is business and the banks controlling the government. not the other way around

      • Hammerstrike

        No, fascists governements does a better job, even Italian ones!

  • Hammerstrike

    It isn´t that much speculation, it is inflation.
    Inflation is much higher than the official numbers says as the massive printing of dollars, yens and euros to a lesser measure by the too big to fail banks have caused a yet limited global currency war, as everyon else try to mitigates the damages.

    Eventually, with continued currency printing the currency war escalates, then it becomes trade war, where NATO fleets attempts to blockade or at least threaten Chinese shipping or there is a major war in the middle-east to take control of the oil supplies there.

    We find out that globalism didn´t bring global peace after all, instead we find out that a continued cold war would have been better.

  • Ralfine

    Here the good news:
    Unemployment in UK has fallen to the lowest level in 18 months.

    • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

      lmao at clueless leftists, just like the USA, you believe whatever your leftist govt tells you

      • Jagrick

        Right on! Faux News this morning had a regular reporter from New York this morning and she stated “the economy is getting better”. It made me think …does anyone buy that crap. The nearest Walgreens are cutting employee hrs, A fleet of grocery stores are closing, and so on.

    • Bad_Mr_Frosty

      I’m sure all the new jobs are low-wage positions that went to “new-British” immigrants.

      • Ralfine

        At least the UK has a minimum wage law.

        In Germany there is no minimum wage.

        Unemployed can be hired from the Job Centre for EUR 1 per hour. Interns are given nothing, except work experience and a 40h week.

        • Hammerstrike

          German workers still better off than English ones.

          • Ralfine

            potatos and krauts

          • Hammerstrike

            It is better to be poor or middle-class in France than in the UK too.

            I would say victorianism is a rather resilient ideology, resurrected in 1979 and spread to the USA in 1981.

  • outtaherelikeenoch

    We are seeing many threats. Only God will be able to help those that trust in Him. Natural disasters, financial collapse, solar storms, space weather, signs in the heavens, people growing cold towards one another, wars and rumors of war, famine, disease, poverty, droughts, starvation, kids killing other kids, kids killing parents, parents killing their children. The list can go on. There is no safe place. Disaster can strike and no-one is immune. Pray your tails off! You are in denial or blind if you cannot “see” what is happening. There is no gun ammo at my local Wal-Mart. Shelves are bare again. People are getting ready-China is preparing. Man, something is going on.

    • Efficient Pilgrim

      “If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and TURN FROM THEIR WICKED WAYS; then will I hear from heaven , and will forgive their sin, and will heal their land.” 2Chron. 7:14

      People can’t “see” what’s going on because they are blinded by their own arrogance, greed and self-justification.

      Read Deut. 28 and put your seatbelt on.

      • Roger Stamper

        i agree with you

    • Jagrick

      Yeah and still the Catholic church is yammering about abortion. How about all you religious nuts feed all the starving children in the world first before telling a woman what to do with her body.

      • Bad Kitty Cat

        Christians consider abortion as murder. That hasnt changed in 2000 years.
        Honestly though, if we used what we had more wisely…

        • Handog

          Notice how those who have had an abortion seem to pop up. They use an article like this to justify their decision. To somehow feel better about them selves.
          I’m having a real hard time with this economy. Due to greed and corruption. I’m still glad I wasn’t flushed down the toilet before I had a chance.

      • Hambone

        Catholics and the Catholic church do quite a bit to help the poor, opressed and starving, as do a great many Christians across the country. What makes you think the world is single-threaded?

        Also, that baby is not her body. It’s God’s.

        • Hammerstrike

          Anti-christian bigotry, that is why.

      • Hammerstrike

        A fetus is its own body.
        You lefturd imbeciles are a bigger problem than they are.

  • Syrin

    Instead of jail time they get Cabinet positions.

  • Hambone

    And to make matters worse, we took taxpayer money and handed it to them (bailout) for the sake of… who knows.

    Doesn’t that make you feel good, knowing you’re helping fund those bonuses?

    • K

      Hambone they were handed a bailout, because D.C. works for them, not us. By the way, just saw a posting. A person claiming to represent Anonymous, has declared a state of Civil War in the U.S. Before you all start to laugh. These folks are very good with computers. Based on that alone, I would not take that statement lightly. Hopefully that posting is not from the real Anonymous.

      • RICHARD

        I saw something real interesting today it was a statement that there was more money pulled out of the top 25 banks in the last month then on 9/11 2001.

        • Rodster

          GOLD !

          • RICHARD

            rodster maybe you can enlighten me if that is a fact, which I would think could be true, then why is the price of gold and silver going down.

          • RealityBetraysUs

            When you destroy the fundamental economic foundation that supports any economy or government there comes a point at which total destruction is possible and as the bible states;” In the day of disaster even you gold and silver will not save you especially when a load of bread can buy a bag of gold.”

      • JustanOguy

        Spot on K about Washington District of Corruption making all of this possible..

        Revolution though? Everybody just needs to stop paying their Federal Income taxes and there is nothing that could be done about it…

    • Mondobeyondo

      Yes we did. Just like turkeys voting for Thanksgiving. Although the BBBB (Big Banker Bailout Bill) was more blackmail than an honest vote.

      • Hammerstrike

        Yes, we can! Yes, we did!

        What is the difference between a democracy and a republic, again?

    • Hammerstrike

      16.1 trillion dollars printed is a 16.1 trillion dollar taxe on world trade and on the US citizenry.

    • Hammerstrike

      Your precious gold is collected by your governement, your governement gives that gold to the banks, the banks borrow some of it back for the governement to spend.

  • markthetruth

    It’s easy to bet money on something when you create the outcome.

    Inside insider trading at it worst… Illegal

    the end…

  • Jagrick

    and still people are starving.

  • Makati1

    Is it me or do all of you not see what I see? This is not stupidity. Men in their position do not get there by being stupid. Do you ever back off and look at the big picture, you know, the WHOLE world? Do you notice what is happening in Europe? Japan? The entire Western world is killing the middleclass.

    If you want to control the world financial system, you
    have to reduce it to two levels. Those that own and those that produce. Lords and serfs. Masters and slaves. A powerful middle class (especially one that
    is armed) is not going to be controlled for very long.

    This is how it started: “… the Rothschilds, a family of German Ashkenazi Jewish origin that established a European banking dynasty starting in the late
    18th century…” And the plan is to control the world through a one world banking system run by the
    Rothschilds. If you think it could not have survived that long…think again. Wealth is passed down, and with it power and nothing else to do with your time than acquire more wealth and power. Does anyone need a billion dollars? Of course not! But power(money) corrupts and it becomes a challenge to gain more.

    They know that the end is near as the world is running
    out of growth (oil) and it will soon all collapse. If they don’t consolidate soon, they lose. That is why so much is happening that seems obvious but is not being corrected. They are in power grab mode and want to own/control everything before the SHTF. You are just collateral damage, apawn in the game and expendable.

    • RealityBetraysUs

      This life is not when the SHTF , God has a final judgement and Hell is the final SHTF and it will be eternal, unchanging and a prison from which there is no escape! Repent (turn your life around and start living for God ) put your faith and trust in Jesus Christ for only through faith in him can you be saved not only now but the final judgement or 2nd death from which there is no escape!

  • 2Gary2

    Good article Michael and I agree woith it being immoral for GS to make money off food price speculation.

    Consider this–on a smaller scale in the USA we have the top 5% taking in 93% of the gains since the downtown and generally taking most of the gains these last 30 years. Those gains have most definitely come at the expense of the average workers getting increases in pay along with the productivity increases. as it is now the rich simply pocket any productivity increases that used to go to pay higher wages.

    The walmart heirs having more wealth and income than the bottom 155 million people is at everyone’s expense (stagnating wages and the decline of the middle class, and the rise in poverty). They are a major outsourcer etc and they externalize their costs such as food stamps for their under paid employees etc.

    I think my feeling of taxing the rich and spreading the wealth is very similar to your question of is it moral for GS to make money off people starving, but on a smaller scale.

    • Mark

      You Walmart haters do not understand that it is not just an american company today. They make their money all over the world. So how can you place a claim on the profits made outside of the US. Are you king of the world and can take whatever you want, no you are not, so quit dreaming about having that kind of power.

      • Hammerstrike

        Easy, control the borders and annexe Canada.

      • JustanOguy

        Wal-mart haters are stupid…. it’s just a retail joint with cheap prices.

        If everybody wanted to pay more to buy American… their shelves would be full of Made In USA products…. just like the early 80′s when it started up.

        After visiting my first Wal-Mart in the early 80′s… bought a ton of stock and made a killing.

        So… all you Wal-Mart haters come up with something better and I’ll buy your stock too.

        Just went to a Wal-Mart to buy a new air mattress for a camping trip. Choice
        between a Coleman air mattress (Made in USA) for $40 or an Intex air Mattress (Made in China) for $20. Sorry kids… took the Intex and figured I’d spend the savings at a local bar/restaurant.

        Where else am I going to go to get a nice air mattress for $20?? Oh wait… I’m supposed to go out and pay $50 somewhere because why???? Pretty much equivalent to giving somebody a handout…. just because.

        Best value for the price is how I run my business… and that’s just the way it is.

        • fatusblobus

          yes, wal-mart profits off of slavery and you, therefore, profit off of slavery. Congratulations, you are everything that’s wrong with the world.

  • Mondobeyondo

    There are two forces at work in thw world. God and Satan.

    Satan along with one third of his followers, got kicked out of heaven. Read the book of Isaiah, among several other Bible verses. for more info.

    The devil does have tremendous power, more than most unsuspecting people think. Do not forget that. He is indeed “the god of this world ” (2nd Corinthians 4:4). Yes, Satan has the world. But God has the universe. Do not forget that as well.

    *sigh* Okay, here we go! Come on, Alice! Haven’t been down the rabbit hole in a while, have we? Just watch out for that mad hatter guy, and that Queen of Hearts lady. Alright then.

    You are going to be tempted. Yes, you are. The devil tempted Jesus, three times. Read the chapter of Luke. He rejected all three. Most people pick the second temptation – all the money, fame, riches and kingdoms of earth, in exchange for worshiping the devil. Many people accept it. Most people aren’t blatant about it. Others are. (Jimmy Page Ozzy, Ozbourne, etc.)

    The old hymnal is right – he has the whole world in his hands. And Jupiter, Saturn and Neptune, too.

    Okay, end of religious type rant thing.. Need to sleep.

    • Colin

      For the record, the testing of Jesus was in the Gospel of Matthew, as well. (I have been re-reading this gospel lately.)

    • Hammerstrike

      Yaweh and satan are the same figure, the two faces of one coine.

  • chilller

    And Blankfein said GS was doing “God’s work”. What God was he talking about….?

  • chilller

    Through the eye of a needle…

    • K

      Amen

    • RealityBetraysUs

      keep in mind the “eye of the needle” was according to the bible a small narrow passage way between buildings where camel owners would have to get off their animal and push it through on it’s knees in order to get it through and into the city, thus the bible expression “easier for a a camel to get through the eye of the needle than for a rich man to enter the kingdom of God”. Hope that provides some comparative analysis background info…

  • Hans

    Food speculation is pure evil, but the banksters will get what is due to them. The longer this slow motion collapse takes, the weaker Western nations will become. When the final collapse takes place, how will a bankrupt nation buy or produce weapons for defending itself?
    Once China forecloses on the US they will get even with these banksters. Their criminal justice system seems to be biased towards the death penalty. They were a civilization while the Western powers were still barbarians. They will not forget what the West and the banksters did to them during the last two centuries.
    They do not suffer from the restraints of a democratic society and may change the “rules” whenever it suits them. While the bankers might think they control the situation, it might well blow up in their faces.

  • anonymougs

    You are showing photos from other counties that are poverty ridden? How is Goldman Sachs influencing their lack of shortage of food which has been going on way before GS. Do you have any idea how many decent wage jobs Gs employs to people so they don’t have to just get by? Do you know GS actually treats their employees like humans with good health benefits so they don’t have to live off of the system? Did you know these companies help grow the economy so to provide people with decen jobs? Did you know they allow their employees paid time off to participate in philanthropy each year? Did you know they are constantly giving back and donating money to their community? Of course these are the easy targets to point fingers, but for once try to see the good they bring to the table. Im sure if you were employed by them you wouldn’t be complaining.

    • K

      Wolves, often prefer sheep’s clothing. And can be quite generous, to the sheep that work for them. Until they require them, for a light snack.

    • Hammerstrike

      Do you have any links to back that up? I wouldn´t mind knowing more.

    • Hammerstrike

      Would it be too much to ask for some links?

    • Alexander

      I’m surprised that anyone could justify or excuse Goldman Sachs. Reading the above, polishing a turd comes to mind.

  • http://www.facebook.com/jackie.milton2 Jackie Milton

    A large number of americans dont give a damn about food prices. Their food is free because they buy it with food stamps that us fools are forced to buy for them by taxation. Now ask yourself, who is really the idiots. Is it the hard working self sufficient man or the welfare kings and queens?

    • JasonD

      The providers are the fools; the slaves. The babymaker parasite welfare recipients are evidently some of the smartest people that have ever lived because for no work or effort, they get to live better than any king, queen, emperor or pharoah that ever lived before them, enjoying technology, convenience, medical care and food abundance and variety that the former would have never dreamed possible…

      • http://twitter.com/andywade andywade

        If it’s that great why don’t you join them you miserable bully?

        Thought not. Still, easier to pick on the poor than the gangsters who made this recession, innit?

  • markthetruth

    Chicken Wing Prices Reach Record High..

    shortage in the number of chicken wings produced.

    As far as i know i never seen a chicken with 3 wings.

    the end…

  • Dana

    systems come and go. born and die. living in troubling times. no one can help how they are conditioned or what values they are raised with. we are here to help one another. violence to combat violence, lies to combat lies, steeling to combat theft, is the wrong way to go. negative energy to combat negative energy will be the death of us all. not a fight i care to be a part of.

  • ImmColl

    Take a look at all the goldmen sachs people who have been members of recent administrations. They are the puppet masters. Politicians and banksters are joined at the hip and the politicians will never bite the hand that feeds them!

  • owswitch

    Power & Profit take Precedence over People.

  • Jodi

    This is why we are in so much trouble. There is no compassion for people anymore.

  • Serious Questions

    One question: How in the world is it legal for banks to gamble/bet? I mean, come on, it’s illegal for the average Joe to go to a bookie and bet on sport games. Why is it legal for banks to bet on the price of food?

    • brasstaxx

      They don’t call it “betting.” Their term is “investing.”

    • JustanOguy

      The Average Joe is going to lose money “betting”… even legally.

      The Banks are the Casino…. they win every time…. therefore… it’s really not betting / gambling.

  • Neo124

    We are basically paying banks to implement our own enslavement.

  • moveforward

    It’s Revolution Time for the people…

  • Warlock

    Most of these comments ignore the core issue, which is the printing of fiat currency.

  • Hammerstrike

    He already did, on the 20th of April 1889! :-D

  • Mondobeyondo

    The big banks aren’t content on gambling peoples’ money. They’re now gambling with your food and commodities! I’m starting to believe the folks on Wall Street actually WANT people to starve and die so that they can fatten their wallets and purses.

    Yes, they want you out of the way, so they can take all the money, oil, soybeans, wheat etc. for themselves and their political and banker friends.. Remember, Henry Kissinger once called the masses “useless eaters”. Translation:” We’re better than you, and you’re eating our food and taking our resources. We have to find a way to kill you”. The whole “Agenda 21″ and “Georgia Guidestones” thing is starting to make sense now….

  • 2Gary2

    It seems to me based on many comments on this site that most Americans care more about their right to own lots of guns, than
    about seeing justice on Wall Street and other places. To these white
    Joes, the real villain is evil Obama who is going to take away their
    assault rifles.

    • JustanOguy

      Yeah…. I do care more about keeping my gun rights. That way when the Banksters and Washington District of Corruption go down I have my guns so I don’t become their slaves.

      You’ve obviously never known somebody who had the IRS gestapo come crashing into a home SWAT style and know what it’s really all about….

    • Hammerstrike

      You seem to forget that the former is most probably the only mean possible to ensure the latter.
      You would believe that they, the “elite”, would peacefully surrender their wealth and power? Ha, and you accuse conservatives of being foolish ?!?
      Nope, they are completely ruthless, they´ll use every mean at their disposale as long as they themselves are safe from the consequences, even a civil war.
      They already got millions of lowlifes in uniform that would gladly mow down protesters with machine-gun fire, unless they feared that some in the crowd would fire back at them.
      So these white Joes at least happen to sees the practical problems and have an inkling of how bad the problem is.

  • 2Gary2

    Lets recognize that the significant “entitlements are not Social Security and Medicare.

    The true entitlements are the laws adopted that make upper class
    crimes not criminal, the subsidies and expenditures to increase
    corporate profits, the foreign aid to governments that is used to
    provide profit to corporations.

    Add the maintenance of a navy which protects sea lanes for the
    Western oil and “free trade corporations and the military which is all
    over the world dominating the economies and intimidating the governments
    of smaller nations.

    And, of course the wars. When we speak of our wars for oil we avoid
    mentioning that the oil is not for the US, but for far east corporations
    to compete with American industry.

    I could go on and on.

    Remember, when the word “Entitlement” is used it is used against the
    poor and working classes and never aimed where it belongs, on the ruling
    classes.

  • Me

    God money I’ll do anything for you
    God money just tell me what you want me to
    God money nail me up against the wall
    God money don’t want everything he wants it all

    • Bad_Mr_Frosty

      I’d rather die,
      Then give you control

  • Hammerstrike

    This banking-scheme is responsible for the last world war, prolonging the 1st one and great depression.
    Hitler´s real crime was not invading Poland (Paris and London had enormous colonial empires) but freeing Germany from the banksters and even worst, end the disaster they caused IN Germany, despite it being worst than in England, France or the USA.

    • Ralfine

      LOL
      Hitler was financed by the banksters.
      You really need to get your hand on some history books.

      • Hammerstrike

        Obama is a naked Kenyan Marxist, Boston bombings are a black flag operation by the US governement to make Islam look bad, LOL!

        • Ralfine

          The sky is blue, the wind is cold. I love the purple tulips.

  • Hammerstrike

    Even the catholic church back in the middle-age forbad usury for christians instead of trying to take control of it, they learned it the hard way.

    • RealityBetraysUs

      The Jews had a law decreed by God that every 50 yrs all debts public and private would be canceled. We now know what a big problem uncontrolled debt and dirivatives can cause. The Jews would declare all debts cancelled public and private during the year of Jubilee. If you study economics they have a theory that deals with this principle called the Chaos theory. The wealth available is limited and can not expand, but prices and inflation can expand when the breaking point occurs is when prices reach a max breaking point and a “depression occurs”. After this happens money supply shrinks and prices fall back to lowest levels. The Quantitative Easing by Bernake has not allowed the process to self correct and we are stil due for a huge crash! Prices must fall back or else you have done nothing to stop the inevitable from coming. All they have done is bought more time for the rich to hoard what they can. See Ravi BAtri’s book “The Great Depression of 1990″ We still have not learned our lessons, we should have done what God did with the Jews and cancel all debts public and private every 50 yrs in a yr of Jubilee.

      • Hammerstrike

        “The Jews had a law decreed by God that every 50 yrs all debts public and private would be canceled.”

        Including for non-jews?

  • http://www.facebook.com/people/Tatiana-Covington/100002159242044 Tatiana Covington

    Ka-ching!

  • YahuShua HaMashiach

    Thus says The Lord: Did you think My wrath would tarry forever?! Did you think My judgment sleeps?! Are My eyes closed to all these atrocities committed upon the earth, day and night, without ceasing?! Are My ears also stopped from hearing?!… Lo, I have seen and I have heard!

    My face draws near to this earth!…

    My eyes are filled with fire and fury!…

    My forehead wrinkles, and is set hard against you,

    O inhabitants of the earth!…

    For it is time!

    It is time to shake the cities of men by measure, and to bring up wrath from beneath! City by city shall be punished… One here and another there. Behold, it shall come upon them suddenly, and men shall fear, and with great perplexity shall their hearts fail!… A great trembling shall now come upon all people!…

    THE TERROR OF THE LORD IS AT HAND!…

    It shall come in swiftly, and you shall not know from where it shall come!

    It shall come upon city after city, without warning!

    For I have caused the earth to become angry. Lo, the depths of the earth tremble at My nearness, and soon this planet shall rage!… It shall rage against you, O deceitful generation! It shall devour and consume this generation!… Scouring from the earth all man has made!

    The Scriptures do not lie! And My prophets speak, yet the people refuse to hear!… They will not listen. Even My own people will not believe, yet their belief is not at all required… For My will is set, and can in no wise be turned back! The truth of My Word stands! It speaks throughout the generations and echoes throughout eternity!…

    For I AM THE LORD!… YaHuWaH!…I am EL Shaddai!…And I shall surely perform all I have spoken.

    I shall not cease, nor relent, nor shall I be turned back from My purpose!… The kingdoms of men must die! And the evil of men must be destroyed!… All must be wiped away!

    Peoples of the earth, you have hated life!

    You have polluted MY garden!

    DISEASED AND AWFUL GENERATION,

    YOU HAVE DESTROYED THE GARDEN!…

    And so I am come to cleanse! And to wipe away!…

    I am come down!…

    MY FACE IS VERY NEAR!

    Do you feel the heat of My wrath, O ignorant and vain peoples?!… You retain no knowledge at all! Only greed and wickedness, wickedness upon wickedness, passes before your eyes without ceasing… And oh how you love to have it so!

    DEAD GENERATION! Your hearts are stone!… Day after day you build up wrath, the vessels overflow! Day by day, the bodies are stacked up in heaps! Day by day, the unborn are slaughtered!… Whole generations of people murdered without cause! Multitudes of innocent cast off as refuse!… Yet you think Me too harsh, and My punishments too severe, My judgments unfair?!

    I AM THE LORD, AND THIS IS MY EARTH!

    THESE ARE MY CHILDREN!…

    All you see, from the ground beneath your feet

    To the farthest reaches of the universe, is MINE!…

    And I shall do as I please!

    I shall do according to the counsel of My own will…

    For I am God!

    Therefore, O peoples of the earth, because you have slaughtered the innocent and murdered your neighbor… Lo, you have even made for yourselves laws, that all may do their pleasure in unrighteousness and perform evil at their leisure… So then shall I also declare MY Law, and it shall fall hard upon the backs of all nations!

    Yea, I have put forth the decree, and hasten to carry out your sentences, O peoples of the earth! And what is the sentence, you ask?… Look upon the slaughtered innocent, look upon their torn and broken bodies… Behold how they are torn in pieces! See how their blood pours down and their limbs are strewn about!… LOOK!!! Look how they are scraped out of their mother’s womb!… Look upon the works of your hands, you evil and most wicked generation!… LOOK UPON YOUR WICKEDNESS!!! LOOK UPON ALL YOU HAVE DONE!

    THE TIME HAS COME!

    Hear the WORD of the LORD spoken to THIS modern generation!

    free at:

    TrumpetCallofGodonline . com

  • http://twitter.com/andywade andywade

    It’s capitalism, buddy. If you don’t like it, go back to Yurp! Dang commies!

    • Bad Kitty Cat

      In capitalism, the government stays out of the economy instead of giving bailouts.

      • Ralfine

        The state is always owned by the ruling class.

        The state is the tool by which the ruling class stays in power.

    • Bad_Mr_Frosty

      This hasn’t been a capitalist country in 100 years.

      • http://twitter.com/andywade andywade

        YEAH youi’re right they have the WELFAER where they give people FOOD for beign on WELFARE because they’re on WELFARE. Oughtta get rid of that, then everyone would be RICH!

  • http://twitter.com/andywade andywade

    I mean, jeez, you want Big Gov’mint limiting how much money the wealth creators at Goldman can make? COMMIE SOSILIST!

  • FounderChurch

    BANKING BANKS & BANKERS, and other persons of dangerously low standing are right down there with Lawyers and Doctors, Used Car Salesmen, and Politicians in standing in the Holy Scriptures, which has nothing good to say about any of them, and plenty negative.

    Yet they all perform functions of sorts for the sinful and evil society of this world and its erstwhile inhabitants. The Bible condemns “Love of Money” as the root of ALL evil, but at the same time it says “Money answereth to all things.”

    It condemns Usury in the strongest terms, yet chastises a servant for not lending his masters money out for interest as a bad servant.

    It says, “Neither a borrower nor a lender be.” And yet provides debt relief for borrowers in the form of bankruptcy and such.

    In a perfect world we would need no banks, or have any wars, or even need a hell, but we do not live in a perfect world, because the universe itself as designed by the creator is not perfect.

    We use the imperfect to strive to create the perfect, but in the process we are never to allow the perfect to be the enemy of the good.

    So, we have banking, and as best we can we need to put some bridles, accountability, and supervision on it to insure that the serve only the national interest, and the God that made us all.

    George Washington often said, “There is no Interest but the National Interest.” Would we had such leadership now.

    Management is what we need in every aspect of national life. And management is what we conspicuously lack. We have a thousand politicians and not one takes any responsibility for anything.

    Cromwell cut king Charles’ head off for that very crime. It may be time for us to arrest, convict and hang some so-called leaders in this country.

    It is pointless to blame and curse the banks, when they are only doing what comes naturally. We need to go after the government officials who are letting them get away with murder, and hang some of them from lamp posts along the Capitol Mall after, of course, a fair trial for treason and high crimes and misdemeanors.

    Note: High Crimes and Misdemeanors properly defined are anything Congress says they are. There is no other definition. Congress has the legal power under the Constitution to impeach, convict, indict, try, and hang any President for the High Crimes and Misdemeanors of combing his hair the wrong way, and walking arrogantly.

  • George

    You’re right about food. We sell oranges in my shop imported from USA. In previous years I would be able to get a whole pallot of them, now I’m lucky to get a single box. and they’re not that good either.. 4.50/kg as well..

  • JustanOguy

    We have a Ranch in one part of the country and a Farm in other part of the country in our family…. profits certainly have not gone up like that…

    If anything… profits have gone down with the other commodity speculation mess called Oil that has driven up operating costs.

    Wall St. is one BIG LEECH for the REAL producers.

    We would just sell food direct online if it was not for all of the stupid regulations…. set up by the Washington District of Corruption paid off by Goldman Sachs and some other banksters.

  • Nexusfast123

    People are so unaware as to how they are being fleeced. We bring up a family, want a house, trinkets, etc, but in the background we are all being manipulated.

    The banks have been running this grand indulgent scam based on unlimited debt creation for decades. It is called the ‘enchanted world’ of capital and finance. This is where they use debt finance to manipulate markets to ‘skim’ wealth that they do not create (steal from all of use) – banks create no value. They are the ultimate parasites. Who thinks Lloyd Blankfein or the dimwit CEO of JP Morgan are worth idiot sums of money that steal away. Consider the rewards currently. Massive bank payouts to staff when the real economy is stagnating.

    Banks have a number of strategies to do this – introduce
    volatility into markets (more volatility the greater the profits as they only make money on transactions), control the physical release of commodities into the market to manipulate prices (JPMorgan and aluminium). They have linked the grain commodity market (corn) with energy (bio fuel) which pushes up corn prices. The result will be civil unrest in many countries based on rising food prices.

  • http://profiles.google.com/mcgauley2010 Tim McGauley

    That “cup of wrath” is just about full. The Lord will use His earth for the hammer. Cling to the Lord Jesus Christ like now! Repent and believe. The “false one” is coming soon, and many will be deceived.

  • HecatesMoon

    They are saying things are getting better… but I know now why they don’t want us to have gold, and I know who is really in charge, and I know how things really work now….
    I don’t like this game. It doesn’t matter if we are facing a major calamity or not. I don’t like this game so…
    I don’t wanna play anymore.
    And I’m not going to.
    What drives my choices to grow food and learn old skills is taking on a whole new aspect. Now, it’s not about disaster preparedness. It’s about not wanting to be a part of the machine anymore.
    I’m taking my ball, and I’m going home!

    • K

      This game indeed, is not much fun. But I hope you will still drop by, now and then. There is some truth, at this site. More than you can say for most.

      • HecatesMoon

        Oh, I will still read here. I just mean that while I was previously in this mad dash to get ready for something bad and have back ups and all that, it isn’t even about that anymore.
        I don’t want the corporate produced food, don’t want their clothes, don’t want…any of it anymore. I don’t want to be a part of the consumer base, don’t want to contribute. I don’t want to be the rat in the maze.
        I want to have self sufficiency now, not to save my life, but because I don’t want to belong to “THEM” anymore.
        Reading here is a good way to remind me why. heh

  • 2Gary2

    In case you think I’m an Obama-bot as many are implying, the most
    devastating criticism of the Obama Administration have come from the
    left, the progressives. Most of right wing criticism of Obama has very
    little substance and it is often out of context, it is often declarative
    without being comparative with history, its often ahistorical, among
    other things.

  • markthetruth

    Off Topic “Who will win the Super Bowl ”

    Baltimore Ravens /

    San Fransisco 49ers /

    I know the couch that will win “Harbaugh”

    go 49ers

    the end.

  • pedrobergerac
  • markthetruth

    Off Topic “Who will win the Super Bowl ”

    Vote…

    Baltimore Ravens /

    San Fransisco 49ers /

    I know the couch that will win “Harbaugh”

    go 49ers

    the end.

  • Stacey

    After WWII the US Government encouraged people to grow victory gardens, 40 percent of the food produced in the US came from these backyard gardens. Now they encourage nothing and rip up peoples gardens.

  • Stacey

    Read the Clower and Piven theory, Government wants to overwhelm the welfare system to destroy the economy. So they can institute a socialist state.

  • who knew

    dont you all know that the federal reserve bank is privately owned by bankers, its not owned by the government and that your income tax is used to pay back the interest on the debt the government has to pay back to these greedy bankers for producing money out of thin air at the federal reserve bank. This is why the US is in so much debt. The private bankers take everything all the time and have since 1913. There is no way out with this current system except to keep basically giving all the tax payers money back into greedy bankers coffers.

  • primrose

    Is it any wonder that there are 47 million on food stamps right here in the US?

  • http://www.facebook.com/tara.feineis Tara Feineis

    are we headed for economic collapse….

  • http://www.facebook.com/tara.feineis Tara Feineis

    phsocoligcal warfare is evil the worst form of warfare…..teach them young

  • BruceEWoych

    http://baselinescenario.com/2013/01/25/tobin-project-book-on-regulatory-capture/

    Bruce E. Woych

    Youtube Documentary:

    Blue Gold: World Water Wars (480p) (cc)

    http://www.youtube.com/watch?v=lKcf-RBHirw&feature=player_embedded

    (These links have detailed discussions: here are excerpts that state selected concerns)

    ———————————-

    WATER 2009

    http://worldsavvy.org/monitor/index.php?option=com_content&view=article&id=715&Itemid=1202

    Privatization of Water

    “Many argue that water is a human right and as such, it should not be
    treated like a commodity. However, a number of sophisticated investors
    believe that water could become the “new oil,” and this view is spurring
    considerable investment in the industry. ”

    —————————————————

    http://www.progress.org/water15.htm

    by Franck Poupeau

    “Increasing criticism of market globalisation has not prevented
    multinationals from controlling such essentials as water, where there
    are vast potential profits. The market is dominated by two big French
    multinationals, Vivendi-Generale des eaux and Suez-Lyonnaise des eaux.
    They now control nearly 40% of the world market, each serving, and
    billing, more than 110m people, Vivendi in 100 countries, Lyonnaise in
    130.

    They owe their profits to the deregulation of trade and the complicity
    of international institutions and national governments. The market is
    all the more lucrative because the water services in nearly 85% of the
    world’s cities are run by public or state companies.”

    [and{

    “Local loss of control over water charges goes hand in hand with price
    increases that deny the poor access not only to the water service but
    also to clear information about minimum health standards.”

    http://www.progress.org/water15.htm

    —————————————————————–

    http://www.foodandwaterwatch.org/blogs/tap-water-monopoly-profiting-from-a-public-resource/

    January 13th, 2011

    Tap Water Monopoly: Profiting From a Public Resource

    “It’s actually been happening for a while now, only it’s not always
    making headlines. Financial institutions like J.P. Morgan and the
    Carlyle Group are trying to buy up water companies and the already large
    water corporations like Aqua America, Inc., and American Water are
    collaborating to expand their stronghold in key markets. All of these
    private entities are positioning themselves to heartily profit from the
    commodification of water.

    Back in September 2010, J.P. Morgan purchased SouthWest Water, a large
    national water company. Just before the holidays, the Carlyle Group
    announced it plans to purchase the Park Water Company, which owns water
    systems in California and Missoula, Montana.”

    http://www.foodandwaterwatch.org/blogs/tap-water-monopoly-profiting-from-a-public-resource/

    ——————————————

    http://www.globalpolicy.org/the-dark-side-of-natural-resources-st/water-in-conflict.html

    A Parched Future: Global Land and Water Grabbing (January 7, 2013)

    “The displacement of small farmers, environmental degradation and food
    insecurity are common concerns in the discussion of land grabbing. A
    recent study, “Global land and water grabbing”, examines how the mass
    acquisition of land also has severe impacts on countries’ water
    reserves, an implication that is often less prominent. Water security
    in many southern countries is put under strain, particularly in Africa
    which accounts for over half of the total land grabbed across the
    globe.”

    see full page of titles in chronological (annual) publication:

    Water in Conflict ( Natural Resources): Global Policy Forum

    http://www.globalpolicy.org/the-dark-side-of-natural-resources-st/water-in-conflict.html

    Bruce E. Woych

    |

    January 28, 2013 at 3:37 pm
    |

    Addendum:

    Plot Summary for

    Blue Gold: World Water Wars (2008) More at IMDbPro »

    Wars of the future will be fought over water as they are over oil today,
    as the source of human survival enters the global marketplace and
    political arena. Corporate giants, private investors, and corrupt
    governments vie for control of our dwindling supply, prompting protests,
    lawsuits, and revolutions from citizens fighting for the right to
    survive. Past civilizations have collapsed from poor water management.
    Can the human race survive? Written by Sam Bozzo

    http://www.imdb.com/title/tt1137439/plotsummary

  • sjors bruin

    Stop putting faith in normal money. We have to get back OUR economy with OUR produce. Take back your rights!

  • fedupMan

    Goldman is really disgusting.
    My question is “were OTHER big banks anywhere on globe” making $ the same way. If so WHY were their names left out of the article? Just asking.

  • damspam

    I hope Christ returns, not because I think he’s the messiah, but because somebody needs to kick these money changers out of the human race.

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