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The soaring price of commodities worldwide has been a disaster for the poor, with reports coming out of Haiti that some people don’t have enough money to pay for food and are reduced to eating dirt. But these are happy times for multinational food and grain giants. Patricia Woertz, chairman and CEO of Archer Daniel Midlands (ADM), “the world leader in bio-energy,” said last month that “Volatility in commodity markets presented unprecedented opportunities. Once again, our team leveraged our financial flexibility and global asset base to capture those opportunities to deliver shareholder value.” Meanwhile, Cargill profits were 86% last quarter.
Greg Page, Cargill chairman and CEO, has said: “Prices are setting new highs and markets are extraordinarily volatile. In this environment, Cargill’s team has done an exceptional job measuring and assessing price risk, and managing the large volume of grains, oilseeds and other commodities moving through our supply chains for customers globally.”
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Number of British women killed last fall by lightning conducted through their underwire bras:
British women wear heels for fifty-one years on average, from the ages of twelve to sixty-three.
Thousands of employees of McDonald’s protested outside the company’s headquarters near Chicago, demanding their wages be increased to $15 per hour. “I can’t afford any shoes,” said one employee in attendance, “and I want Versace heels.”
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“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”