Food Riots Commence As The Fed's Loose Money Policy Leads To First Violence Of 2011
We were only partially serious when we predicted that following the just released FAO data confirming food prices have just hit an all time high, we were expecting food riots to ensue imminently. Alas, as all too often happens these days, we were right. 2011 first and certainly not last rioting comes out of Algeria, where Bernanke's genocidal policies are first to take root. From the Associated Press: "Riots over rising food prices and chronic unemployment spiraled out
from Algeria's capital on Thursday, with youths torching government
buildings and shouting "Bring us Sugar!" Police helicopters circled over Algiers, and stores
closed early. Security officers blocked off streets in the tense
working-class neighborhood of Bab el-Oued, near the capital's ancient
Casbah, and areas outside the city were swept up in the rampages. The U.S. Embassy issued a warning to Americans in Algeria to "remain vigilant" and avoid crowds. Riots on Wednesday night in the neighborhood saw a police station, a Renault car dealership and other buildings set ablaze. Police with tear gas fired back at stone-throwing youths through the night." Algeria's violence is unfortunately just the start. The big to keep an eye out on is rice. If the liquidity makes its way there, the Chinese soft landing may just become much, much harder.
From the AP:
Wednesday's violence started after evening Muslim prayers. It came after price hikes for milk, sugar and flour in recent days, and amid simmering frustration that Algeria's abundant gas-and-oil resources have not translated into broader prosperity.
Youths resumed their outbursts Thursday afternoon.
Violence erupted across town in the El Harrach neighborhood, where youths set tires on fire and threw stones at police. Some officers were seen rounding up suspected troublemakers.
In the suburb of Rouiba, youths set fire to tires and danced around them, chanting "Bring us sugar!" Others tore down street signs and smashed streetlights with iron bars. In the suburb of Bordj El Bahri east of Algiers, rioters set fire to a post office. In nearby Dergana, youths set a town hall alight.
The violence led to blocked roads and kept schoolchildren and workers from getting home. Parents were heard talking to their children on cell phones, urging them to seek safety.
Algeria is still recovering from an insurgency that ravaged the country throughout the 1990s after the army canceled 1992 elections that fundamentalists were expected to win. Bab el-Oued is a former stronghold of that group, the now-banned Islamic Salvation Front, or FIS.
"They are right, these young people. They have no job, no housing, no visa (for other countries) and now not even bread or milk," said Amara Ourab, a resident of the neighborhood in her 50s.
Neighboring Tunisia has also seen violent protests in recent weeks over unemployment, leading to three deaths.
We can't wait for the Banzai Institute to do an artist's impression of the hand sketches taking place at the Hague's 2013 proceedings for crimes against humanity which will prominently feature just one notable Ivy league educated defendant