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QuickTake is a series by Bloomberg which is tagged “Global news the world needs today.” Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.
Recent from Bloomberg QuickTake News:
Bloomberg QuickTake News published this video item, entitled “Hunger ‘Pandemic’ Spreads as Food Stocks Pile Up” – below is their description.
The world is hurtling toward an unprecedented hunger crisis. As many as 132 million more people than previously projected could go hungry in 2020, and this year’s gain may be more than triple any increase this century. The pandemic is upending food supply chains, crippling economies and eroding consumer purchasing power. Some projections show that by the end of the year, Covid-19 will cause more people to die each day from hunger than from virus infections. What makes the situation unmatched: The massive spike is happening at a time of enormous global food surpluses. And it’s happening in every part of the world, with new levels of food insecurity forecast for countries that used to have relative stability. In Queens, New York, the lines snaking around a food bank are eight hours long as people wait for a box of supplies that might last them a week, while farmers in California are plowing over lettuce and fruit is rotting on trees in Washington. In Uganda, bananas and tomatoes are piling up in open-air markets, and even nearly give-away prices aren’t low enough for out-of-work buyers. Supplies of rice and meat were left floating at ports earlier this year after logistical jams in the Philippines, China and Nigeria. And in South America, Venezuela is teetering on the brink of famine. “We’ll see the scars of this crisis for generations,” said Mariana Chilton, director of the Center for Hunger-Free Communities at Drexel University. “In 2120, we’ll still be talking about this crisis.” By the end of the year, as many as 12,000 people could die a day from hunger linked to Covid-19, potentially more than those perishing from the virus itself, charity Oxfam International estimates. That’s calculated based on a more than 80% jump for those facing crisis-level hunger. Globally, deaths from coronavirus infections have topped 846,000. Covid-19 has exposed some of the world’s deepest inequalities. It’s also a determining force in who gets to eat and who doesn’t, underscoring global social divides as the richest keep enjoying a breakneck pace of wealth accumulation. Millions of people have been thrown out of work and don’t have enough money to feed their families, despite the trillions in government stimulus that’s helped send global equities to all-time highs. On top of the economic malaise, lockdowns and broken supply chains have also created a serious problem for food distribution. The sudden shift away from restaurant eating, which in places like the U.S. used to account for more than half of dining, means farmers have been dumping milk and smashing eggs, with no easy means to redirect their production to either grocery stores or those in need. Read more at Bloomberg.com: bloom.bg/3hD85X4Bloomberg QuickTake News YouTube Channel
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