Hours after FOX News’ publication of this story, WFP acknowledged the $1.22 billion in cash reserves, which it said “represents between three and four months of WFP’s annual operating revenue.
“Of that $1.22 billion, more than 90 percent is either committed to ongoing food needs, or comprises mandatory reserve requirements necessary for prudent financial management of an organization of its size (i.e. unfunded liabilities for pensions),” Brenda Barton, WFP’s deputy director of communications and public policy strategy e-mailed FOX News.
“This system of cash management is akin to that of a family who has $2,000 in the bank, of which the majority is committed for mortgage, car payment and groceries,” she wrote.
What I quoted above is the “correction” of the article, after they actually contacted the WFP for a statement. If you read the article (which normally I wouldn’t recommend, except that it illustrates what a joke Fox is) you will get an entirely different impression of the economic situation (i.e. they are cash-rich and begging for more).
Ultimately, like other crises the world faces, it is the poor that will feel the greatest pain for the excesses and whims of the powerful. And Fox is there to pile it on. Assholes.