May 4, 2008

Multinationals make billions in profit out of growing global food crisis

We have all seen the news lately, somehow connecting the world food shortage crises and the price of oil. But the truth be told that "speculators blamed for driving up the price of basic foods as 100 million face severe hunger" The London Independent reports, that the Multinationals are making billions in profit out of growing global food crisis.
The World Bank says that 100 million more people are facing severe hunger. Yet some of the world's richest food companies are making record profits. Monsanto last month reported that its net income for the three months up to the end of February this year had more than doubled over the same period in 2007, from $543m (£275m) to $1.12bn. Its profits increased from $1.44bn to $2.22bn
. Greed, anger and ignorance, greed is the most difficult to overcome.
Read full story here

2 comments:

dave said...

I just can't fathom why the world leaders cannot commit to helping end hunger and prevent this kind of greed.

michael cota said...

Dave, It would be interesting to investigate the contributions made by Cargill/Monsanto to the campaign war chests of our elected officials.