"The Monopoly money, which looked a bit like a cheque, carried the logo of Cargill Cotton and the signatures of two of its top local executives. It didn't matter that the bills didn't bear the signature of the governor of the Zimbabwean central bank, or the wildlife scenes that typically decorated Zimbabwean banknotes. They were soon being accepted alongside Zimbabwe's official currency at shops across Harare.
"In all but name, Cargill was acting as the country's bureau of engraving and printing and its central bank. It took out adverts in a local newspaper, instructing Zimbabweans that the banknotes 'should be treated as cash.' It issued more banknotes in 2004, with denominations as high as 100,000 Zimbabwean dollars."
Javier Blas and Jack Farchy are reporters working for Bloomberg News. Blas is the Chief Energy Correspondent, and Farchy is the Senior Reporter for Energy and Commodities. Searching the Bloomberg site for articles they've written reveals a host of reports closely related to the subject of The World for Sale.
The World for Sale is about commodity traders. I'll agree that it sounds boring, but once you understand the pivotal role these traders have played in world markets since the 1970s it's anything but. Put in the most general terms, the rise and fall of these commodity traders mirrors the rise and fall of the world economy, and many world events that seem political have arisen from economic factors which are directly or indirectly related to the global trade in commodities.
With the opening of the Russian oil market after the collapse of the Soviet Union, the commodity traders have won and lost fortunes, many accumulating billions on careful speculation. In the modern era oil is key to their business, and in the quest for oil reserves commodity traders often cross into "gray areas" which involve bribery, theft and sometimes even murder.
I'm glad I read this book. Before reading it names like Glencore and Vitol were just names to me, but now I know what they do and how they do it. I also know how they've influenced the course of world events behind the scenes, everything from destabilizing the Middle East, abetting the rise of communist China, and drawing the ire of the U.S. government, which has used its power over the banking system to limit the scope of the commodity traders' operations.
If you're not interested in economics you'll struggle with this book, but if you're on the fence don't worry, it never gets that technical. It also tells a very personal story of men falling victim to their own ambitions, while offering insight into several world events.
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