Starbucks CEO Takes On Commodity Speculators

[jamesww]

Starbucks CEO Howard Schultz Takes On Commodity Speculators

video here:

http://www.channel4.com/news/catch-up/display/playlistref/110511/clipid/110511_eco

Associated news item:
http://www.channel4.com/news/starbucks-boss-schultz-attacks-high-coffee-prices

The current high price of coffee on commodity markets is down to "financial institutions orchestrating an unnatural acute rise" Starbucks Chief Executive Howard Schultz complains to Channel 4 News.


For many commentators Starbucks Chief Executive Howard Schulz is something of a poster-boy for global capitalism. As the boss of a chain of coffee shops that spans the world, the fact that coffee is currently at a 34-year high on world commodity markets is naturally of concern. But Mr Schulz maintains that the fact that not just coffee, but most agricultural food commodities are all at a record high is not down to issues of supply and demand:

"We are seeing a seismic change in the cost of commodities and ultimately the cost of food in grocery stores at a time when we have high unemployment. I just think it's inapproriate that there are a group of financial institutions who are somehow orchestrating an unnatural acute rise in commodity prices that ultimately will create a windfall profit for a select few and a significant problem for a whole host of people,"
........

read the rest of the article on the above link.

[Neil]

This is what I like to call 'marketing your brand'.

[HVC]

Inflated prices? Starbucks should be the last to bitch about that lol

[citizen k]

So, increasing demand isn't an issue?

[Monoriu]

Any evidence to back up his claims? 

[citizen k]

Any evidence to back up his claims?

I think it's similar to the "gas price gouging" meme that politicians like to trot out when the price for gas spikes.

[grumbler]

Any evidence to back up his claims?

Evidence to support the claim that "there are a group of financial institutions who are somehow orchestrating an unnatural acute rise in commodity prices?"  Protocols of the Elders of Zion, I should think.

[Ed Anger]

Inflated prices? Starbucks should be the last to bitch about that lol

lolz