Monday, 12 May 2008

MONEY MONGERS

A recent news paper report suggests that Thailand one of the biggest exporters of rice in the world is considering a rice cartel in line with the OPEC; oil producing and exporting countries. The news is not likely to be amusing to US, UK or the other bulk rice importing developed, developing and under developed countries. The latter is going to suffer maximum. They as per the report approached other major rice exporting countries, like Vietnam, Myanmar, Cambodia and few more. The developed world as well as the rest of rice importing nations are already feeling the heat this year. The shortage is so acute that first time ever the last great war , in US Wall Mart is rationing the rice. In UK the restaurateurs and take away owners have given a representation for withdrawal of EU taxes on import of rice which is currently Euro65 per ton.

As instigated by the oil price hike to $126 per barrel this year; in a year increased around 100%; the counter measure proposed by Thailand is not very surprising. Whether they can hold the entire globe under ransom like OPEC is altogether a different question. But the trend is alarming. The same way other countries, who are exporting some essentials like suger, salt, steel , cement or anything with what the countries which import them can be held the way the OPEC have done; form cartels, is alarming.

The world expect UN to take up the matter for it`s survival and prove under this circumstance it`s own existence meaningful. Doling out dollars through IMF to feed oil sheiks at the cost of poor countries is not the solution. Nor it offers any meaningful purpose for the very existence of UN. It has failed to prevent the US and it`s fellow undertakers to plunder on Iraq. There are many such occasion since 60s, Vietnam war. Maintaining a white elephant or letting it only serve the purpose of Big powers is harmful for the rest of the world.

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