always was a revisionist liar… but now his misguided policies are actually killing people... literally.
you’ve missed it, food riots are spreading throughout the developing world
Already Tunisia, Algeria, Oman, and even Laos are experiencing riots and
protests due to soaring food prices.
Abbassian, chief economist at the UN’s Food and Agriculture Organization (FAO),
put it, “We are entering a danger
situations left people literally starving… AND dead from the riots.
And why is
storm of increased demand, bad harvests from key exporters (Argentina, Russia,
Australia and Canada, but most of all, the Fed’s money pumping.
If you don’t
believe me, have a look at the chart of the Rogers Agricultural commodities
As you can
see, it wasn’t until the Fed announced its QE lite program that agricultural
commodities exploded above long-term resistance. And in case there was any
doubt, QE 2 sent them absolutely stratospheric.
consequence of this, many developing nations (where food accounts for a larger
percentage of income) have already broken out in riots, protests, and other
commentators see this situation and say, “so what, that will never happen in
the US.” These folks are in for a RUDE surprise in the coming months.
can already see the impact hitting the US:
-Kraft Raises Prices On Maxwell House,
-General Mills to raise prices
-McDonald’s plans to raise prices in 2011
-Food Sellers Grit Teeth, Raise Prices
-Kroger to Pass Along Food Price Gains
a striking situation to see academics employ policies that result in actual
people starving and still say with a
straight face “inflation is contained.” Seriously, how does Bernanke see the
situations occurring abroad (and now in the US) and NOT think he might be off base
(yes, I know the answer, it’s a rhetorical question).
talk about inflation and think of the images of Weimar Germany where people
literally burned money for fuel. They don’t think of starvation and food riots.
But that’s exactly what’s occurring in the world right now as a result of
Bernanke and his cronies attempts to keep the big banks (all of which are
insolvent) in business and cranking out the bonuses.
This is the
darker side of inflation folks. It’s the side most people don’t want to talk
about. But it’s real.
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