Thursday, May 5, 2011

Goldman Sachs' Mouthpiece on Food Prices

A recent Foreign Policy article by Frederick Kaufman, How Goldman Sachs Created the Food Crisis, blames Goldman Sachs for the current increase in food prices.This conspiracy theory is way out there. Goldman has as much  ability to control food prices via the methods Kaufman describes as does Goldman have the ability to control the weather on Uranus.

Lucas van Praag, Goldman's executive mouthpiece for all things Goldman, responded to Kaufman article with a letter. The letter does a decent job of explaining the ways Goldman is not controlling food prices, but mentions only in passing monetary policy, which is a major cause of the increasing prices.

Van Praag could have gone into more detail on how monetary policy does influence food prices, but then he would have been out further on the slippery slope where it becomes evident that the same money printing that causes climbing food prices, also benefits Goldman Sachs operations, and that it is former-Goldman employees, such as current New York Fed President Bill Dudley, who are advocates for this money printing. Dudley famously denied a price inflation problem by stating that iPad2 prices weren't increasing.

So although Goldman isn't driving up food prices directly, they sure as hell are by encouraging, through their operatives, more Fed money printing. Praag, as slick as ever, has done a cute prance around  money printing, as a cause of the food crisis, to keep Goldman's behind the scenes role in the increases hidden. But not all the public is fooled by slikster moves like that these days. Many in the public know what's going on , and Van Praag can write as many damn letters as he wants, but a growing portion of the public knows the evil Goldman is doing and that Van Praag, therefore, is pretty much nothing but an apologist for the 21st Century financial devil.

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