Committee for the Abolition of Illegitimate Debt

It is important to remember, firstly, that a food crisis is not a situation-dependent phenomenon. The problem of access to decent and healthy food for everyone is, sadly, very widespread. The food crisis is the hunger that is striking many peoples, even though we use the same words to refer to a situation at a particular time, such as now, when food prices are spiralling. Since capitalist globalization became established over the past three decades and agricultural and food policies were consequently dismantled, hardship has been of a structural nature (GRAIN 2008a). Furthermore, it is inherent in the world food system, whose bases were written by the World Bank World Bank
WB The World Bank was founded as part of the new international monetary system set up at Bretton Woods in 1944. Its capital is provided by member states’ contributions and loans on the international money markets. It financed public and private projects in Third World and East European countries.

It consists of several closely associated institutions, among which :

1. The International Bank for Reconstruction and Development (IBRD, 189 members in 2017), which provides loans in productive sectors such as farming or energy ;

2. The International Development Association (IDA, 159 members in 1997), which provides less advanced countries with long-term loans (35-40 years) at very low interest (1%) ;

3. The International Finance Corporation (IFC), which provides both loan and equity finance for business ventures in developing countries.

As Third World Debt gets worse, the World Bank (along with the IMF) tends to adopt a macro-economic perspective. For instance, it enforces adjustment policies that are intended to balance heavily indebted countries’ payments. The World Bank advises those countries that have to undergo the IMF’s therapy on such matters as how to reduce budget deficits, round up savings, enduce foreign investors to settle within their borders, or free prices and exchange rates.

and the International Monetary Fund IMF
International Monetary Fund Along with the World Bank, the IMF was founded on the day the Bretton Woods Agreements were signed. Its first mission was to support the new system of standard exchange rates.

When the Bretton Wood fixed rates system came to an end in 1971, the main function of the IMF became that of being both policeman and fireman for global capital: it acts as policeman when it enforces its Structural Adjustment Policies and as fireman when it steps in to help out governments in risk of defaulting on debt repayments.

As for the World Bank, a weighted voting system operates: depending on the amount paid as contribution by each member state. 85% of the votes is required to modify the IMF Charter (which means that the USA with 17,68% % of the votes has a de facto veto on any change).

The institution is dominated by five countries: the United States (16,74%), Japan (6,23%), Germany (5,81%), France (4,29%) and the UK (4,29%).
The other 183 member countries are divided into groups led by one country. The most important one (6,57% of the votes) is led by Belgium. The least important group of countries (1,55% of the votes) is led by Gabon and brings together African countries.

http://imf.org . That is why movements such as Vía Campesina are campaigning to rewrite the script of this story.

When explaining the rise in food prices, people usually mention factors of different kinds. Some of the factors most commonly cited are the claimed scarcity of food and the reduction of world reserves – which, as we shall see, is not only a fallacy but is also the carrot used to drive the upward movement in prices which those who speculate with foodstuffs wish to bring about.

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Ploughing through the meanders in Food Speculation