Deflation news

[AtW]

Investment bankers blamed for driving up the price of turkeys



(AtW's comment: that's not an investment banker on that photo - quiet the opposite actually: a hard working honest chap who makes a living by doing things people actually want)

Investment bankers have come in for more abuse – not over their bonuses this time but for allegedly driving up the price of Christmas turkeys.

Paul Kelly, the poultry industry's "turkey man of the year", blames them for driving up the cost of wheat-based animal feed from £95 per tonne to £177.

"My contacts in the City tell me the price of wheat is soaring because of financial speculation," he said. "It's not good for farmers or consumers. What is happening is fundamentally wrong and obscene."

The boss of Kelly Turkey Farms in Essex warns that consumers can expect to pay up to £3 extra for their birds while Waitrose confirmed that its turkeys will cost 5% or 6% more than last year.

More from the source: Investment bankers blamed for driving up the price of turkeys | Business | The Guardian

[Jog On]

Investment bankers blamed for driving up the price of turkeys



(AtW's comment: that's not an investment banker on that photo - quiet the opposite actually: a hard working honest chap who makes a living by doing things people actually want)

Investment bankers have come in for more abuse – not over their bonuses this time but for allegedly driving up the price of Christmas turkeys.

Paul Kelly, the poultry industry's "turkey man of the year", blames them for driving up the cost of wheat-based animal feed from £95 per tonne to £177.

"My contacts in the City tell me the price of wheat is soaring because of financial speculation," he said. "It's not good for farmers or consumers. What is happening is fundamentally wrong and obscene."

The boss of Kelly Turkey Farms in Essex warns that consumers can expect to pay up to £3 extra for their birds while Waitrose confirmed that its turkeys will cost 5% or 6% more than last year.

More from the source: Investment bankers blamed for driving up the price of turkeys | Business | The Guardian

Not good for turkey farmers or wheat farmers?

[AtW]

Not good for turkey farmers or wheat farmers?

Not good for either - wheat farmers must have already sold stock at fixed old prices where as investment bankers are spekulating to push the prices up higher.

[Jog On]

Not good for either - wheat farmers must have already sold stock at fixed old prices where as investment bankers are spekulating to push the prices up higher.

So when the wheat futures contracts expire are you saying the wheat farmers have already agreed to sell at a lower price? I have yet to fully understand futures contracts....

I'll bet the bankers did it just to ruin everyone's Christmas so they could laugh at them while enjoying their bonuses.....

Did you see this news also out today?

£53,000,000,000: how much the City paid in tax last year

Anthony Browne, the Mayor of London’s adviser for economic development, said: “These figures are a good message for the rest of Britain. It is in everyone’s interest that there is a thriving financial services sector.”

I think it might be time to put the pitch forks away soon and start blaming someone else. Where's Gordon Brown when you need him?

[AtW]

So when the wheat futures contracts expire are you saying the wheat farmers have already agreed to sell at a lower price?

Farmers agreed to sell at whatever seemed ok market prices some months ago, possibly over a year - they don't sell stuff based on spot prices because they've got large costs to actually get to the point they've got the product.

Consumers get shafted by spekulators for sure, but farmers even more so - they don't get all that money, if anything they get hit by higher prices of other products they have to use - fertiliser, fuel etc.

[thunderlizard]

£53,000,000,000: how much the City paid in tax last year

in other words, about 3% of the value traded on an average single day in over-the-counter forex alone (unless my maths is wonky):
Forex turnover hits $1.7trn a day in London - Business News, Business - The Independent

[AtW]

Forex would move if they had to pay transactional tax.

Vast majority of those trades have no economic meaning - it is mostly work of dirty spekulants.

[Freamon]

spekulating

Is this a word?

I'm guessing if you think the price of turkeys is artificially high, that you have some plans to sell turkeys and undercut the market?

[DimPrawn]

Is this a word?

?

It is in mother Russia.

. .

[Jog On]

Forex would move if they had to pay transactional tax.

Vast majority of those trades have no economic meaning - it is mostly work of dirty spekulants.

You can argue that speculators are driving prices to levels where they have an adverse affect on Joe Public/farmer but they will also be driving prices in other commodities and currencies that will have a non adverse affect on Joe public/farmer. People like you love to complain when 'the market' is being 'unfair' to you and blame it on the evil speculators but don't have anything to say when these same evil speculators are pushing prices in the direction that is to your advantage.

Are you blaming 'dirty spekulators' for the price of oil, petrol and heating going up or are you enjoying watching your oil company shares go up as a result?

Trading is as much a legitimate business as investing, insurance, running a casino and building the next big internet sensation Markets are irrational, there are booms and crashes in everything. You can be a victim or a winner it's up to you.

You live in your bubble, I'll live in mine. I'll never agree with you and you'll never agree with me but of course you are right and I am wrong