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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:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
Chances that a Soviet woman’s first pregnancy will end in abortion:
Peaceful fungus-farming ants are sometimes protected against nomadic raider ants by sedentary invader ants.
In San Antonio, a 150-pound pet tortoise knocked over a lamp, igniting a mattress fire that spread to a neighbor’s home.
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"It is an interesting and somewhat macabre parlor game to play at a large gathering of one’s acquaintances: to speculate who in a showdown would go Nazi. By now, I think I know. I have gone through the experience many times—in Germany, in Austria, and in France. I have come to know the types: the born Nazis, the Nazis whom democracy itself has created, the certain-to-be fellow-travelers. And I also know those who never, under any conceivable circumstances, would become Nazis."