food speculation and hunger

Stop Hunger Now believes food and food security has to be a basic human right. When rising global food prices threaten the world’s poor with more malnutrition and and growing hunger, it touches our deepest moral principles. As I have often said, hunger is a spiritual issue.

This year has already seen record highs in the FAO’s Global Food Price Index. And with every rise in food prices, the poor are more at risk. Now, even the Pope says it is time for action. A detailed article posted yesterday by Reuters is reprinted below.

Pope says “selfish” food speculation causing hunger

Posted 2011/07/01 at 7:56 am EDT

ROME, July 1, 2011 (Reuters) — Pope Benedict said on Friday financial trading based on “selfish attitudes” is spreading poverty and hunger and called for more regulation of food commodity markets to guarantee everyone’s right to life.

“Poverty, underdevelopment and hunger are often the result of selfish attitudes which, coming from the heart of man, show themselves in social behavior and economic exchange,” the pope told a U.N. food agency conference.

“How can we ignore the fact that food has become an object of speculation or is connected to movements in a financial market that, lacking in clear rules and moral principles, seems anchored on the sole objective of profit?” he asked.

The Rome-based Food and Agriculture Organization’s (FAO) food price index hit a record high earlier this year, reviving memories of soaring prices in 2007-08 that sparked riots in developing countries.

That gave fresh urgency to the debate about how to improve a global food system that leaves some 925 million people hungry.

There is controversy over how much a new wave of investments by funds into commodities has contributed to pushing up prices.

The issue has pitted French President Nicolas Sarkozy, who blames speculators for surging food prices and unrest in some countries, against other countries who see little interest in more market regulation.

In June, G20 farm ministers struck a deal that paved the way to more global cooperation on agricultural issues but steered clear of concrete regulatory measures.

The pope said a reform of agricultural markets was urgent to ensure everyone has enough to eat.

“Eating touches on the fundamental right to life. Guaranteeing that means reacting directly and without delay to those factors in the agricultural sector that are negatively affecting the capacity to manufacture and distribute.”

(Reporting by Catherine Hornby; editing by Mark Heinrich)