Protect us from the ruthless market

THE domestic events of the past week have distracted from news coming through of yet another manifestation of the destructive nature of the current form of capitalism.

Now that international finance and speculators can no longer leverage profits from the deflated international property bubble, they are turning to commodities and food.

Reports in the past weekend indicate that up to 70% of business on commodity markets is now speculative rather than pure trade.

This has driven up food prices across the globe with the UN indicating that food prices could rise by 40% in the next decade.

The removal of tight regulation of the commodity markets through lobbying by free market politicians and international finance in the ‘90s has meant that this market is now open to the same level of gambling which resulted in the recent property bubble.

The consequences of this bubble are more far reaching, however, in that increased famine in the developing world will be a direct outcome.

People in this country, already suffering under increased taxation and reduced services, will now also bear the brunt of this new bubble.

In the coming election campaign, prospective candidates need to be questioned on their attitude to regulation on international markets. We have seen the damage lack of regulation causes.

Now we need to let politicians know that the people need more protection from the ruthless market.

Barry Walsh

Blackrock

Cork