Max Keiser on dollar role in global food crisis

[kbqr]

Run time: 12:47 https://www.youtube.com/watch?v=aFklx0kfFm4   Posted on YouTube: April 30, 2008 By YouTube Member: Views on YouTube: 0   Posted on DU: April 30, 2008 By DU Member: kbqr Views on DU: 470

 
Yesterday the UN and various international bodies met to discuss options in the global food crisis that has seen food prices rocket and riots spread throughout developing nations.

Here is part two:

http://youtube.com/watch?v=FdjqS1JzeN0

[kbqr]

1. dollar transcript

Forgot to say that Max and the dollar's role appears from 6.30 in part one.

Here is some of the transcript.

Max Keiser:
There has to be a discussion about why the prices are going up. Food prices, agricultural products are priced in dollars, the supply of global dollars has increased substantially over the past couple of years, it's averaging 14% money supply growth in the last year or so. This is what's driving the price of food higher. Now if the UN is going to use a package of money to support food, if they're simply going to borrow more money to support the food prices, they're actually making the situation worse because they're expanding those money supply numbers which actually could and probably will have the effect of driving prices even higher.

Interviewer: So what would be the way to go about it?

Max Keiser
They need to talk to the Central Bankers around the world, in the US and in the UK and other Central Bankers around the world about cutting off the globe from cheap credit and cheap money supply which is driving this wild speculation in dollar based commodities. They need to raise interest rates. They need to curb the money supply growth, then you'll see the price of these commodities coming down.

[prairierose]

2. Have the central banks or ...

the world bank ever done anything to help people or has their help always been for the good of corporations?