Tag Archives: Profiteering

Wall Street’s Dirty Lies

By Zach Carter, Media Consortium Blogger   Care2.com

Over the past thirty years, Wall Street has waged a steady war against governments around the globe, convincing policymakers of various ideological stripes that whatever raises profits for bankers and traders will be good for the rest of society. It’s a very simple and appealing portrait of how the world works. Unfortunately, it’s completely wrong.

Profiting from hunger

In an interview with AlterNet’s Terrence McNally, economic luminary Raj Patel explains the connection between widespread global poverty and wild Wall Street profits. Markets are defined by a set of rules—if those rules completely disregard social welfare, then the participants in those markets will ignore them as well. When traders can make a quick buck speculating on the price of rice, they will, even if that speculation drives up the price of a basic necessity and makes people go hungry.

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Monsanto’s monopoly exposed in Iowa and Copenhagen

Pesticide Action Network

Monsanto’s aggressive control of markets and policy was in the spotlight this week in two places of import for its business: Iowa, and the community of nations gathered in Copenhagen. First, The Des Moines Register published an Associated Press expose, saying, “confidential contracts detailing Monsanto’s business practices reveal how the seed giant is squeezing competitors, controlling smaller companies and protecting its dominance over the multibillion-dollar market for genetically altered crops.” Kathryn Gilje, Executive Director of Pesticide Action Network North America, noted, “Monsanto has long used aggressive bully tactics to control the terms of farming and food around the world so that as our world gets hungrier and faces the climate crisis, their monopoly and revenue grow. This kind of bad behavior is long overdue for public scrutiny.”