The Human Right to Water is under threat in a very serious way with the decision to trade water on Wall Street. According to reports by the joint Monitoring Programme for Water and Sanitation by the World Health Organization (WHO) and UNICEF released in December, 36% of the world’s population – 2.5 billion people do not have access to clean water. “Water is the cradle and source of all life on earth, it is a sacred gift. We need to recognize that regardless of its commercial worth, water has a social, cultural, medical, religious and spiritual value. (Indigenous People’s Forum UN, 2014)
As Water begins to trade on Wall Street, all of us who care about this vital human resource are urged to monitor the serious development as reported below.
'Water Begins Trading on Wall Street in the Futures Market for Fear of Shortages
According to CME Group, the company in charge of launching the contracts, this will allow better management of the risk associated with insufficient vital liquid and regulate its supply and demand in the markets.
Starting this week, water will be traded on the Wall Street commodities futures market, due to its scarcity. The price of the vital liquid will fluctuate just like oil, gold or wheat, CME Group reported.
The price of water in California has doubled in the last year, according to the Nasdaq Velez California Water Index. Experts assure that its arrival on the commodity market will allow better management of the future risk associated with this asset...'
Messages to: Deirdre Mullan rsm