Several U.S. banks have strategies that reach farther than those of Europeans in controlling market share of commodities . This is JP Morgan, Morgan Stanley and Goldman Sachs. For example, in the U.S., JP Morgan imported 31 million barrels of oil during the first four months of 2013. U.S. banks are owners of oil refineries, power plants, power distribution networks, storage companies metals, stock farm products, companies operating shale gas ... How did you come to this? The Fed authorized in 2003 to universal bank Citigroup buying the brokerage firm Phibro, claiming that it was normal to complete the bank's activity in the derivatives market commodities with physical possession of a stock of raw materials (oil, grains, gas , minerals, etc.). As for Morgan Stanley and Goldman Sachs, which until 2008 | 5 | had status business bank since 1999 and thanks to the banking reform law that completed the abolition of the Glass Steagall Act , they could acquire power plants, oil tankers and other infrastructure. And so Morgan Stanley owns barges, tankers, pipelines, oil terminals and gas! Meanwhile, JP Morgan bought the division commodities RBS in 2010 by 1,700 million dollars, which enabled him to acquire 74 ships to store metals in both the United States and the United States, while Goldman Sachs has 112 of these. Both banks together hold more metal storage sheds that Glencore (who has 179). Warehouses have storage is essential: especially in the case of a company or a cartel of several companies (eg banks) who want to speculate on the price of holding it as long as possible to upload your product price and then dispose of it and make it go down. That is exactly what is happening in the aluminum market since 2008. According to research conducted by The New York Times , following the acquisition by Goldman Sachs in 2010 aluminum warehouses Detroit, the time it should wait to rid themselves aluminum bars went from 6-16 weeks. Prices rose (despite the offer and the stock of this metal in the world market had increased), which provoked strong reactions in companies like Coca Cola and Miller Brewing, are major consumers of aluminum for the manufacture of its cans ... Only revenues aluminum storage in Detroit, Goldman pocketed $ 220 million | 6 |.
After achieving huge profits by manipulating prices, most notably banks in the physical market of commodities
have adopted an exit strategy. There are three reasons that have pushed in that direction. First, the supervisory authorities realized manipulations were carried out several banks. JP
Morgan, Barclays and Deutsche Bank had to pay fines for various issues
related to the handling of the electricity market in California. JP Morgan agreed to pay a fine of 410 million dollars in the process, which is not over yet | 7 |. U.S.
officials, under pressure from companies competing with banks and given
the unpopularity of bankers to the public, thought seriously limit the
activities of banks in the market for physical commodities . Second,
the benefits to the banks operating in this market started to decline
from 2011-2012, as the prices of raw materials tend to decrease. Thirdly,
the core capital (Core Tier 1) required for investment brokerage firms
is higher than in other investments (for example, sovereign debt). Suddenly,
the banks have to increase their ratio of capital / risk-weighted
assets funds to continue in that business, they calculated that it was
better to leave all or part of their investment in the physical market
of commodities | 8 |. One issue that we must be vigilant. Of course, banks will be active in derivatives markets commodities and segments of financial markets related to commodities. Their ability to harm is and will remain very significant if radical measures are not taken.
These banks are prime actors in the development of the speculative bubble that has formed in the market for commodities | 9 |. When explode, the boomerang effect will cause new havoc on the health of the banks. It should also take into account the actual disaster, and more serious, which populations suffer the South commodity exporters. All the peoples of the planet will be affected in one way or another.
Consider again the fundamental role of speculation in the escalation of food prices and oil prices in 2007-2008
Speculation in major U.S. markets, where global commodity prices (agricultural products and commodities) are traded was instrumental in the brutal escalation of food prices in 2001-2008 | 10 |. This price increase caused a dramatic increase in the number of people with poor nutrition: more than 140 million in a year. And more than one million people (one in seven) are hungry. Who generate this hunger are not snipers, but are institutional investors (called zinzins : banks | 11 |, pension funds, investment funds, insurance companies), large marketing companies like Cargill. The hedge funds were also involved, although his weight was well below that of institutional investors | 12 |.
Michael W. Masters, who ran for twelve years, a hedge fund on Wall Street, clearly explained the harmful role of these institutional investors in testimony, filed May 20, 2008, before a congressional committee in Washington, to investigate the possible role of speculation in driving up commodity prices | 13 |. On the occasion of this hearing stated: " You have it raised the question: institutional contributed to the inflation of food prices and energy investors? My answer, inequívocament, YES "| 14 |. In this testimony, sitting chair, explained that the increase in prices of food and energy is not due to an insufficient supply, but a brutal increase in demand from new players in forward markets of primary goods ( commodities ), which traded the "future". In that market, also called contracts, the speakers I buy future production: for example, the next crop of wheat, oil to be produced in 6 months or 5 years view, etc.. In the past, the main participants in this market were companies who had a specific interest related to its activity with respect to one of those commodities. It could be, for example, an airline buying the oil needs or food that cereal is sought. Michael W. Masters notes that in the United States, capital allocated by segment institutional investors' trading index 'of primary commodity forward markets went from 13,000 million at the end of 2003 to 260,000 million in March 2008 | 15 |. The prices of 25 commodities traded in these markets rose 183% during the same period. It also explains that this is a limited market, which is enough that institutional investors-such as pension funds or banks-allocate 2% of their assets to alter its operation. In 2004, the total value of futures contracts concerning 25 commodities rose only 180,000 million. And this can be compared with the global stock market was 44 billion dollars, or 240 times more. Michael W. Masters that year indicates that institutional investors invested 25,000 million in the futures market, which represents 14% of that market. It shows that during the first quarter of 2008, institutional investors increased significantly their investments in this market: 55.000 billion in 52 working days. Enough for a brutal escalation of prices!
The prices of commodities in the futures market immediately affect the current prices of these goods. Thus, when institutional investors bought huge quantities of corn and wheat in 2007-2008, was immediate gouging prices of these products.
Let us note that in 2008, the controlling body of the futures markets, the Commodity Futures Trading Commission (CFTC) estimated that institutional investors could not be considered speculators. The CFTC zinzins defined as the commercial market participants (" commercial market participants "). This enabled him to say to this committee that speculation had no significant role in the escalation of prices. Masters is sharply critical of the CFTC, but especially Michael Greenberger, a law professor at the University of Maryland and director of a department of the CFTC from 1997 to 1999 who, with his testimony before the Senate committee June 3 2008, criticized the laxity of their leaders who turn a blind eye to the manipulation of energy prices by institutional investors. He cites a number of statements of these leaders worthy of inclusion in an anthology of hypocrisy and human stupidity. According to Michael Greenberger, between 80% and 90% of transactions in the stock in the energy sector of the U.S. stock markets are speculative | 16 |. His experience and ability on the subject is clear.
The September 22, 2008, during the financial turmoil in the U.S., while President Bush announced a rescue plan for banks consisting of injecting 700,000 million (without the massive liquidity it had already been made available) The price of soybeans suffered a speculative increase of 61.5%.
Jacques Berthelot also points to the crucial role of the banking speculation escalating global agricultural prices | 17 |. Cites the Belgian bank KBC, who conducted an advertising campaign to sell a new commercial product: an investment for savers in six agricultural commodities. The investment fund 'KBC-Life MI Food Security Prices 3 "captures customers with a cynical slogan:" Bring out the rise in prices of food products! ». This ad appears as a ' chance 'the' shortage of exploitable water and agricultural land , "which results in" a shortage of food and rising food prices "| 18 |.
The U.S. justice speculators think is their right. Paul Jorion, in a review published in Le Monde , questions the decision of a court of Washington, which invalidated the September 29, 2012 the measures taken by the CFTC "that were designed to limit the size of positions that a participant can take in the forward market commodity, whose aim is to prevent a single intervener it can unbalance | 19 |.
Jean Ziegler, former UN Rapporteur for the Right to Food, expressed without euphemisms: " The financial crisis of 2007-2008 caused by the banking banditry had two main consequences. First, hedge funds (hedge funds) and large banks moved after 2008 to the commodity markets, especially those of agricultural commodities, leaving some sectors of the financial markets. The prices of the three staple foods (maize, rice and wheat), covering 75% of world consumption, exploded. In 18 months, the price of maize increased by 93% per ton of rice went from $ 105 to $ 1,100 per ton of bread wheat doubled in price since September 2012, up from 271 euros. This escalation is generated astronomical profits to speculators, but kills in the slums to hundreds of thousands of women, children, men. The second consequence is the fever of hedge funds and other speculators for agricultural land in the southern hemisphere. According to the World Bank , in 2011, 41 million hectares of arable land were monopolized by multinationals and investment funds only in Africa. And the result was the expulsion of the peasants '|. 20 |
In February 2013, in a report entitled "Those banks that speculate hunger 'Oxfam France said that the four major banks BNP Paribas, Gauls, Société Générale, Crédit Agricole and Natixis (BPCE) - managed for clients in November 2012, at least 18 funds speculating in commodities. " There are two ways to speculate - explains Clara Jamart, head of food safety at Oxfam France-one, taking positions in the derivatives markets of agricultural commodities, or by those funds rate, which follow the prices of agricultural commodities and pushing up. "| 21 |. Most of these funds were created after the start of the food crisis of 2008, with the objective of making profits by speculating on food and other manifest commodities .
In Brussels, the Alternative Financing Network ( Réseau Financement Alternatif ) in 2013 also reported the involvement of 6 active banks in Belgium on speculation in world hunger. Close to 950 million euros from clients served Belgian banks to speculate on food commodities | 22 |.
It should end this vein, and offer 22 proposals for an alternative to the food crisis | 23 |:
Prohibit food speculation: it is a crime to speculate with people's lives and, therefore, governments and international institutions should prohibit speculative investments with agricultural products.
Prohibit derivatives on commodities.
Faced with the current food and environmental crises are indispensable and urgent radical changes. The proposals offer clues exposed to agricultural and trade policies based on food sovereignty and allow stabilization of agricultural prices at levels capable of ensuring sustainable food production in most countries of the world.
At the local level, should be added:
These banks are prime actors in the development of the speculative bubble that has formed in the market for commodities | 9 |. When explode, the boomerang effect will cause new havoc on the health of the banks. It should also take into account the actual disaster, and more serious, which populations suffer the South commodity exporters. All the peoples of the planet will be affected in one way or another.
Consider again the fundamental role of speculation in the escalation of food prices and oil prices in 2007-2008
Speculation in major U.S. markets, where global commodity prices (agricultural products and commodities) are traded was instrumental in the brutal escalation of food prices in 2001-2008 | 10 |. This price increase caused a dramatic increase in the number of people with poor nutrition: more than 140 million in a year. And more than one million people (one in seven) are hungry. Who generate this hunger are not snipers, but are institutional investors (called zinzins : banks | 11 |, pension funds, investment funds, insurance companies), large marketing companies like Cargill. The hedge funds were also involved, although his weight was well below that of institutional investors | 12 |.
Michael W. Masters, who ran for twelve years, a hedge fund on Wall Street, clearly explained the harmful role of these institutional investors in testimony, filed May 20, 2008, before a congressional committee in Washington, to investigate the possible role of speculation in driving up commodity prices | 13 |. On the occasion of this hearing stated: " You have it raised the question: institutional contributed to the inflation of food prices and energy investors? My answer, inequívocament, YES "| 14 |. In this testimony, sitting chair, explained that the increase in prices of food and energy is not due to an insufficient supply, but a brutal increase in demand from new players in forward markets of primary goods ( commodities ), which traded the "future". In that market, also called contracts, the speakers I buy future production: for example, the next crop of wheat, oil to be produced in 6 months or 5 years view, etc.. In the past, the main participants in this market were companies who had a specific interest related to its activity with respect to one of those commodities. It could be, for example, an airline buying the oil needs or food that cereal is sought. Michael W. Masters notes that in the United States, capital allocated by segment institutional investors' trading index 'of primary commodity forward markets went from 13,000 million at the end of 2003 to 260,000 million in March 2008 | 15 |. The prices of 25 commodities traded in these markets rose 183% during the same period. It also explains that this is a limited market, which is enough that institutional investors-such as pension funds or banks-allocate 2% of their assets to alter its operation. In 2004, the total value of futures contracts concerning 25 commodities rose only 180,000 million. And this can be compared with the global stock market was 44 billion dollars, or 240 times more. Michael W. Masters that year indicates that institutional investors invested 25,000 million in the futures market, which represents 14% of that market. It shows that during the first quarter of 2008, institutional investors increased significantly their investments in this market: 55.000 billion in 52 working days. Enough for a brutal escalation of prices!
The prices of commodities in the futures market immediately affect the current prices of these goods. Thus, when institutional investors bought huge quantities of corn and wheat in 2007-2008, was immediate gouging prices of these products.
Let us note that in 2008, the controlling body of the futures markets, the Commodity Futures Trading Commission (CFTC) estimated that institutional investors could not be considered speculators. The CFTC zinzins defined as the commercial market participants (" commercial market participants "). This enabled him to say to this committee that speculation had no significant role in the escalation of prices. Masters is sharply critical of the CFTC, but especially Michael Greenberger, a law professor at the University of Maryland and director of a department of the CFTC from 1997 to 1999 who, with his testimony before the Senate committee June 3 2008, criticized the laxity of their leaders who turn a blind eye to the manipulation of energy prices by institutional investors. He cites a number of statements of these leaders worthy of inclusion in an anthology of hypocrisy and human stupidity. According to Michael Greenberger, between 80% and 90% of transactions in the stock in the energy sector of the U.S. stock markets are speculative | 16 |. His experience and ability on the subject is clear.
The September 22, 2008, during the financial turmoil in the U.S., while President Bush announced a rescue plan for banks consisting of injecting 700,000 million (without the massive liquidity it had already been made available) The price of soybeans suffered a speculative increase of 61.5%.
Jacques Berthelot also points to the crucial role of the banking speculation escalating global agricultural prices | 17 |. Cites the Belgian bank KBC, who conducted an advertising campaign to sell a new commercial product: an investment for savers in six agricultural commodities. The investment fund 'KBC-Life MI Food Security Prices 3 "captures customers with a cynical slogan:" Bring out the rise in prices of food products! ». This ad appears as a ' chance 'the' shortage of exploitable water and agricultural land , "which results in" a shortage of food and rising food prices "| 18 |.
The U.S. justice speculators think is their right. Paul Jorion, in a review published in Le Monde , questions the decision of a court of Washington, which invalidated the September 29, 2012 the measures taken by the CFTC "that were designed to limit the size of positions that a participant can take in the forward market commodity, whose aim is to prevent a single intervener it can unbalance | 19 |.
Jean Ziegler, former UN Rapporteur for the Right to Food, expressed without euphemisms: " The financial crisis of 2007-2008 caused by the banking banditry had two main consequences. First, hedge funds (hedge funds) and large banks moved after 2008 to the commodity markets, especially those of agricultural commodities, leaving some sectors of the financial markets. The prices of the three staple foods (maize, rice and wheat), covering 75% of world consumption, exploded. In 18 months, the price of maize increased by 93% per ton of rice went from $ 105 to $ 1,100 per ton of bread wheat doubled in price since September 2012, up from 271 euros. This escalation is generated astronomical profits to speculators, but kills in the slums to hundreds of thousands of women, children, men. The second consequence is the fever of hedge funds and other speculators for agricultural land in the southern hemisphere. According to the World Bank , in 2011, 41 million hectares of arable land were monopolized by multinationals and investment funds only in Africa. And the result was the expulsion of the peasants '|. 20 |
In February 2013, in a report entitled "Those banks that speculate hunger 'Oxfam France said that the four major banks BNP Paribas, Gauls, Société Générale, Crédit Agricole and Natixis (BPCE) - managed for clients in November 2012, at least 18 funds speculating in commodities. " There are two ways to speculate - explains Clara Jamart, head of food safety at Oxfam France-one, taking positions in the derivatives markets of agricultural commodities, or by those funds rate, which follow the prices of agricultural commodities and pushing up. "| 21 |. Most of these funds were created after the start of the food crisis of 2008, with the objective of making profits by speculating on food and other manifest commodities .
In Brussels, the Alternative Financing Network ( Réseau Financement Alternatif ) in 2013 also reported the involvement of 6 active banks in Belgium on speculation in world hunger. Close to 950 million euros from clients served Belgian banks to speculate on food commodities | 22 |.
It should end this vein, and offer 22 proposals for an alternative to the food crisis | 23 |:
Prohibit food speculation: it is a crime to speculate with people's lives and, therefore, governments and international institutions should prohibit speculative investments with agricultural products.
Prohibit derivatives on commodities.
- Prohibit banks and other private financial companies involved in the market for commodities .
- Socialize banking under citizen control, giving mission primarily finance agricultural projects that promote food sovereignty and to give priority to small family farms, cooperatives and public agricultural sector.
- Establish or restore international organizations for market regulation and production of major export products (cartels producing countries, for example, in the coffee, cocoa, bananas, tea, etc..) And thereby ensuring stable prices internationally.
- Ending structural adjustment plans (SAPs), which require states to give up their food sovereignty.
- Outlaw land grabbing.
- Undertake comprehensive land reforms (of course on the ground, but also on water and seed) to ensure the farmers who produce the food for the population have access to agricultural resources, not large firms producing for export.
- Enter in international law, mainly the International Covenant on Economic, Social and Cultural Rights (ICESCR) - the right to food sovereignty, to be recognized the right of all countries to develop their own agricultural policies and protect their agriculture without prejudice to other countries
- Stop enslaving mechanisms of internal or external public debt, dominated by private banks, and end the subjugation experienced by rural families by private lenders.
- Establish a moratorium on industrial agrofuels; ban GMOs.
- Reforming the Common Agricultural Policy of the European Union and the Farm Bill in the United States, which have devastating effects on the balance of agricultural markets.
- No sign, and if that is not possible, denounce free trade agreements, multilateral and bilateral (TLC and APC), which are opposed to food sovereignty.
- Establish or reestablish customs protection against agricultural imports.
- Reconstitute public food reserves of all countries.
- Reset assurance mechanisms in agricultural prices.
- Develop policies to control production to stabilize agricultural prices.
- Check the margin of intermediaries.
Faced with the current food and environmental crises are indispensable and urgent radical changes. The proposals offer clues exposed to agricultural and trade policies based on food sovereignty and allow stabilization of agricultural prices at levels capable of ensuring sustainable food production in most countries of the world.
At the local level, should be added:
- Holding local agricultural production, especially agriculture supporting and facilitating credit facilities for small farmers, men and women.
- Sustain and develop direct circuits / short trading between producers and consumers in order to ensure fair prices for farmers and affordable prices for consumers.
- Encourage people to use local products.
- To support more autonomous modes of production with respect to chemical inputs, and thus less subject to variations in production costs (an upbringing based on grass rather than corn or soybeans).
Notes:
| 1 | http://www.
| 2 | The term commodities refers to market commodities (agricultural products, minerals, metals and precious metals, oil, gas ...). The commodities , like other assets, are the subject of negotiations that allow the determination of its price and its trade in spot markets, but also in the derivatives market.
| 3 | Xsrata Glencore is a leading business and commodities brokerage, founded by trader Marc Rich. Its headquarters are in Switzerland, Baar, Canton of Zug. A well-known tax haven for fraudsters high flying. Marc Rich (died 2013) was repeatedly prosecuted for corruption and tax evasion. He was pardoned by President Bill Clinton on the last day of his presidency, which caused a considerable scandal. Glencore has Xsrata either in full or in part, 150 mines and metallurgical sites. According to available data, before merging with Xsrata, which took place in 2013, Glencore controlled nearly 60% of world zinc, 50% copper, 30% aluminum, 25% coal, 10% of cereals and 3% oil. This controversial company was awarded the Public Eye Awards for the most responsible multinational in 2008. Glencore-Xsrata is present in 50 countries and employs 190,000 people The pattern and principal owner of Glencore-Xsarata (owns 16% of shares), Ivan Galsenberg, would have received a payment of about $ 60 million in 2013 Crédit Suisse and Glencore-Xsrata collaborate closely in the Chinese market. The other large companies specializing in brokerage (business) of commodities (other than banks, which are very active) are: Vitol (Netherlands), Cargill (USA), Trafigura (Netherlands), Noble Group (Hong Kong / Singapore), Making (Singapore), Lois Dreyfus Commodities (France), Mitsui (Japan), Mitsubishi (Japan), ADM (USA). Accrued income and Glencore these nine companies rises to a whopping $ 1.2 trillion in 2012. See Financial Times 'Tougher times for the trading titans ", April 15, 2013.
| 4 | See his web especializada: http://cib.bnpparibas.com/
| 5 | Morgan Stanley and Goldman Sachs each license obtained universal bank in a crisis, in order to benefit from increased state support and avoid the fate of investment bank Lehman Brothers.
| 6 | L'Echo , "Des banques accusées américaines les premières of manipuler matière ', 24 July 2013, http://www.lecho.be/actualite/
| 7 | Financial Times 'nears JPMorgan commodities goes, "February 6, 2014. Meanwhile, Barclays paid the fine of $ 470 million, in the same case.
| 8 | JP Morgan announced in early 2014 its intention to sell its physical activity commodities . The Deutsche Bank did the same. Morgan Stanley signed an agreement with the Russian oil company Rosneft to cede part of their business.
| 9 | Of course, among the powerful players in the market of raw materials and food products to be added to large companies specializing in the extraction, production and marketing of commodities : for minerals, Rio Tinto, BHP Billiton, Vale do Rio Doce, for oil, ExxonMobil, BP, Shell, Chevron, Total, for food, in addition to the aforementioned Cargill in the field of brokerage are Nestlé, Monsanto and many others that are part of several Chinese companies.
| 10 | I analyze the causes of the food crisis of 2007-2008 by Éric Toussaint "Let's talk about the causes of the food crisis" published on October 28, 2008, http://cadtm.org/Volvamos-a-
| 11 | Especially BNP Paribas, JP Morgan, Goldman Sachs and Morgan Stanley and, until its disappearance or purchase, Bear Stearns, Lehman Brothers and Merrill Lynch.
| 12 | At the global level, in early 2008, institutional investors possessed 130 trillion, sovereign funds of $ 3 billion and hedge funds of $ 1 trillion.
| 13 | Testimony of Michael W. Masters, Managing Member / Portfolio Manager Masters Capital Management, LLC, before the Homeland Security Committee and the Senate Governmental Asutos U.S. http://hsgac.senate.gov/
| 14 | "You have asked the question"? Are Institutional Investors Contributing to food and energy price inflation "And my answer is" YES "."
| 15 | "Assets Allocated to commodity index trading strategies Have Risen from $ 13 billion at the end of 2003 to $ 260 billion as of March 2008."
| 16 | See: Testimony of Michael Greenberger, Law School Professor, University of Maryland, before the U.S. Senate Committee Regarding "Energy Market Manipulation and Federal Enforcement Regimes", June 3, 2008, p. 22.
| 17 | Jacques Berthelot, "le vrai du faux Demeler dans la tarte des prix agricoles mondiaux" July 15, 2008, p. 51 to 56. On the Web: .. www.cadtm.org/spip.php?artic
| 18 | . http://www.lalibre.be/index
| 19 | Paul Jorion, "Le suicide of finance», Le Monde, October 9, 2012
| 20 | Jean Ziegler, "La faim est faite de main d'homme et peut être éliminée par les hommes" by Éric Toussaint interview, published on February 11, 2012 http://cadtm.org/La-faim-est -
| 21 | See Le Monde , "Four bankers accused of" speculate hunger "," 11 February Oxfam's international campaign, see Financial Times , "Food price peculation taken off the menu", March 4, 2013. See also in the Oxfam website: EU deal on curbing food speculation comes none too soon, 15 January
| 22 | Véase: http://blogs.lecho.be/
| 23 | As proposed, the author is indebted to the discussions in which he participated as a speaker in organized Canary seminar from 21 to 24 July 2008, for food sovereignty commission organization La Via Campesina. Obviously, the content of this study and the proposals contained therein are the sole responsibility of the author and do not assume the people and organizations listed.
| 1 | http://www.
| 2 | The term commodities refers to market commodities (agricultural products, minerals, metals and precious metals, oil, gas ...). The commodities , like other assets, are the subject of negotiations that allow the determination of its price and its trade in spot markets, but also in the derivatives market.
| 3 | Xsrata Glencore is a leading business and commodities brokerage, founded by trader Marc Rich. Its headquarters are in Switzerland, Baar, Canton of Zug. A well-known tax haven for fraudsters high flying. Marc Rich (died 2013) was repeatedly prosecuted for corruption and tax evasion. He was pardoned by President Bill Clinton on the last day of his presidency, which caused a considerable scandal. Glencore has Xsrata either in full or in part, 150 mines and metallurgical sites. According to available data, before merging with Xsrata, which took place in 2013, Glencore controlled nearly 60% of world zinc, 50% copper, 30% aluminum, 25% coal, 10% of cereals and 3% oil. This controversial company was awarded the Public Eye Awards for the most responsible multinational in 2008. Glencore-Xsrata is present in 50 countries and employs 190,000 people The pattern and principal owner of Glencore-Xsarata (owns 16% of shares), Ivan Galsenberg, would have received a payment of about $ 60 million in 2013 Crédit Suisse and Glencore-Xsrata collaborate closely in the Chinese market. The other large companies specializing in brokerage (business) of commodities (other than banks, which are very active) are: Vitol (Netherlands), Cargill (USA), Trafigura (Netherlands), Noble Group (Hong Kong / Singapore), Making (Singapore), Lois Dreyfus Commodities (France), Mitsui (Japan), Mitsubishi (Japan), ADM (USA). Accrued income and Glencore these nine companies rises to a whopping $ 1.2 trillion in 2012. See Financial Times 'Tougher times for the trading titans ", April 15, 2013.
| 4 | See his web especializada: http://cib.bnpparibas.com/
| 5 | Morgan Stanley and Goldman Sachs each license obtained universal bank in a crisis, in order to benefit from increased state support and avoid the fate of investment bank Lehman Brothers.
| 6 | L'Echo , "Des banques accusées américaines les premières of manipuler matière ', 24 July 2013, http://www.lecho.be/actualite/
| 7 | Financial Times 'nears JPMorgan commodities goes, "February 6, 2014. Meanwhile, Barclays paid the fine of $ 470 million, in the same case.
| 8 | JP Morgan announced in early 2014 its intention to sell its physical activity commodities . The Deutsche Bank did the same. Morgan Stanley signed an agreement with the Russian oil company Rosneft to cede part of their business.
| 9 | Of course, among the powerful players in the market of raw materials and food products to be added to large companies specializing in the extraction, production and marketing of commodities : for minerals, Rio Tinto, BHP Billiton, Vale do Rio Doce, for oil, ExxonMobil, BP, Shell, Chevron, Total, for food, in addition to the aforementioned Cargill in the field of brokerage are Nestlé, Monsanto and many others that are part of several Chinese companies.
| 10 | I analyze the causes of the food crisis of 2007-2008 by Éric Toussaint "Let's talk about the causes of the food crisis" published on October 28, 2008, http://cadtm.org/Volvamos-a-
| 11 | Especially BNP Paribas, JP Morgan, Goldman Sachs and Morgan Stanley and, until its disappearance or purchase, Bear Stearns, Lehman Brothers and Merrill Lynch.
| 12 | At the global level, in early 2008, institutional investors possessed 130 trillion, sovereign funds of $ 3 billion and hedge funds of $ 1 trillion.
| 13 | Testimony of Michael W. Masters, Managing Member / Portfolio Manager Masters Capital Management, LLC, before the Homeland Security Committee and the Senate Governmental Asutos U.S. http://hsgac.senate.gov/
| 14 | "You have asked the question"? Are Institutional Investors Contributing to food and energy price inflation "And my answer is" YES "."
| 15 | "Assets Allocated to commodity index trading strategies Have Risen from $ 13 billion at the end of 2003 to $ 260 billion as of March 2008."
| 16 | See: Testimony of Michael Greenberger, Law School Professor, University of Maryland, before the U.S. Senate Committee Regarding "Energy Market Manipulation and Federal Enforcement Regimes", June 3, 2008, p. 22.
| 17 | Jacques Berthelot, "le vrai du faux Demeler dans la tarte des prix agricoles mondiaux" July 15, 2008, p. 51 to 56. On the Web: .. www.cadtm.org/spip.php?artic
| 18 | . http://www.lalibre.be/index
| 19 | Paul Jorion, "Le suicide of finance», Le Monde, October 9, 2012
| 20 | Jean Ziegler, "La faim est faite de main d'homme et peut être éliminée par les hommes" by Éric Toussaint interview, published on February 11, 2012 http://cadtm.org/La-faim-est -
| 21 | See Le Monde , "Four bankers accused of" speculate hunger "," 11 February Oxfam's international campaign, see Financial Times , "Food price peculation taken off the menu", March 4, 2013. See also in the Oxfam website: EU deal on curbing food speculation comes none too soon, 15 January
| 22 | Véase: http://blogs.lecho.be/
| 23 | As proposed, the author is indebted to the discussions in which he participated as a speaker in organized Canary seminar from 21 to 24 July 2008, for food sovereignty commission organization La Via Campesina. Obviously, the content of this study and the proposals contained therein are the sole responsibility of the author and do not assume the people and organizations listed.
article info
URL: http://www.cadtm.org Éric Toussaint, professor at the University of Liege, Belgium chairs the CADTM. Author, among others, the book The Trial exemplaire d'un homme , Editions Al Dante, Marseille, 2013, A look at the mirror: neoliberalism from its origins to the present, Editorial Icaria, Barcelona, 2010. He is also co-author with Damien Millet Book AAA, Audit, Annulation, Autre politique , Le Seuil, Paris, 2012; debt or life, Editorial Icaria, Barcelona, 2011. The latter received the Award granted by the political book political book Fair Liege http://www.cadtm.org/Le-CADTM-
Next book, to be published in April 2014: Bancocratie ., in Aden, Brussels http://www.chapitre.com/
This study is an extension of the 'Banks against peoples: the intricacies of a rigged game' series, published in 2012-2013 in Web CADTM: www.cadtm.org and in another version: Et si on arrêtait of BANKER ? http://cadtm.org/Et-si-on-
URL: http://www.cadtm.org Éric Toussaint, professor at the University of Liege, Belgium chairs the CADTM. Author, among others, the book The Trial exemplaire d'un homme , Editions Al Dante, Marseille, 2013, A look at the mirror: neoliberalism from its origins to the present, Editorial Icaria, Barcelona, 2010. He is also co-author with Damien Millet Book AAA, Audit, Annulation, Autre politique , Le Seuil, Paris, 2012; debt or life, Editorial Icaria, Barcelona, 2011. The latter received the Award granted by the political book political book Fair Liege http://www.cadtm.org/Le-CADTM-
Next book, to be published in April 2014: Bancocratie ., in Aden, Brussels http://www.chapitre.com/
This study is an extension of the 'Banks against peoples: the intricacies of a rigged game' series, published in 2012-2013 in Web CADTM: www.cadtm.org and in another version: Et si on arrêtait of BANKER ? http://cadtm.org/Et-si-on-
