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Food Riots Next? FAO Says Food Prices Surpass Record Highs Seen During 2007-2008 Bubble
The last time food prices hit ridiculous levels, the immediate outcome was global food riots in places such as Haiti and Bangladesh. Which is why distributors of riot equipment in the world's poorest countries may be in for a bumper crop as the Food and Agriculture Organization has just announced that world food prices have just surpassed the previous record last seen in 2007-2008. But it's ok: according to the centrally planning Chairman it's all good, and the inflation is really just in our heads. After all, courtesy of the recent spike in mortgage rates, home prices now have about 10% to drop, meaning even less equity will be extracted from already substantially depressed food prices.
From the FT article, which we are confident Ben Bernanke will never read:
Food prices hit a record high last month, surpassing the levels seen during the 2007-08 crisis, the UN’s Food and Agricultural Organisation said on Wednesday.
The Rome-based organisation said the increase did not constitute a crisis. But Abdolreza Abbassian, senior economist at the FAO, acknowledged that the situation was “alarming”. He added: “It will be foolish to assume this is the peak.”
The jump will increase fears about the repetition of the crisis of 2007-2008. However, poor countries have not so far seen the wave of food riots that rocked countries such as Haiti and Bangladesh two years ago, when prices of agricultural commodities jumped.
The increase in food costs will also hit developed economies, with companies from McDonald's to Kraft raising retail prices.
Higher food prices are also boosting overall inflation, which is above the preferred targets of central banks in Europe.
The FAO said its food price index, a basket tracking the wholesale cost of commodities such as wheat, corn, rice, oilseeds, dairy products, sugar and meats, jumped last month of 214.7 points – up almost 4.2 per cent from November.
The FAO food index is at its highest since the measure was first calculated in 1990. During the 2007-08 food crisis, the index reached a peak of 213.5 in June 2008.
It gets better:
However, the cost of the other critical staple, wheat, is now rising fast on the back of poor harvests.
“This is a high prices situation,” said Mr Abbassian, although he pointed to the fact the costs of cereals – and particularly rice – were below the peaks set in 2007-08. “Rice and wheat are, from a global food security perspective, the critical agricultural commodities, not sugar, oilseeds or meat,” he said.
The increasing costs of sugar, whose price recently hit a 30-year high, oilseeds and meat are the main reason behind the rise in the FAO food index.
The rise of commodity prices makes it likely that the global food import bill will hit a record high in 2011, after topping $1,000bn last year for only the second time. In November, the FAO raised its 2010 forecast to $1,026bn, up almost 15 per cent from 2009 and within a whisker of a record high of $1,031bn set in 2008 during the food crisis.
Agricultural commodities prices have surged following a series of crop failures caused by bad weather. The situation was aggravated when top producers such as Russia and Ukraine imposed export restrictions, prompting importers in the Middle East and North Africa to hoard supplies.
As Zero Hedge predicted some time in October, the next bubble will be in the 3Rs: Rare Earths, Rubber and Rice. Real Earths have come (and maybe gone). Rubber is coming. Rice is now here.
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but can you eat it?
Tyler, don't you mean "...even less equity will be extracted from already substantially depressed home prices."?
Load a semi with cereal- any cereal- Krispies, Wheaties, etc. The diesel fuel in the tanks of the semi-truck, cost more than the grain in the semi load of cereal. Shoot- the box your cereal comes in probably cost as much as the grain in it.
The royalties for the guy on the Wheaties box generally cost more that the wheat inside the box.
Third world people are too fat anyway. This will help their cholesterol. It's all good.
They'll pry my bacon from my cold dead hands.
By 3rd world people I assume you mean americans?
Not while the working poor are still buying bottled water.
Bottled water is my talisman against bullshit ideas like peak oil, or mass sanity.
If peak oil were real, buying bottled water should carry the death penalty.
You know why they named it Evian, right?
Perhaps viewing a hog operation personally would pry it from your hands quick enough.
Price of eggs has doubled in 4 months; many items going incremental or using smaller containers. Everyone do yourself a favor and buy a few hundred dollars worth of canned ham, beans, rice, and canned fruit (peaches are cheapest) to last at least one month in the event of food anarchy. It could happen; it's now gone from possible to probable.
Not for me. My eggs are still essentially free.
Mottled Houdans, bitchez!!!!
http://www.ideal-poultry.com/
http://www.google.com/images?q=chicken+tractor&rlz=1I7GGLD_en&oe=UTF-8&um=1&ie=UTF-8&source=univ&ei=uoIkTZKkJoO88gaRncnoAQ&sa=X&oi=image_result_group&ct=title&resnum=2&ved=0CDcQsAQwAQ&biw=1133&bih=819
Chemtrails really affected my hens' egg laying production. More than a few also died.
Beware.
It is nice to see that some have moved on from blaming witches.
It is easy to solve any chicken problem. Start by learning about the scientific method. Chickens are the hardiest, easiest, most productive animals I have ever raised.
I am a scientist.
Step one of the scientific method is observation.
Feeding live termites to baby chicks will increase their chances of survival.
As opposed to starving them? Citation, please.
Feeding live termites is used by knowledgeable fighting cock breeders/trainers.
Where I live cockfights are legal.
Deal with reality.
Feeding live termites is used by knowledgeable fighting cock breeders/trainers, therefore Chemtrails are affecting your layers production and causing deaths.
You are clearly a brilliant scientist. Thank you, kindly, for blessing us with your research.
That's your own twisted logic conclusion.
Now I reallize it's you the one who really needs to eat the termites.
Boys, I want my 2 minutes back. That was a useless argument.
There is a chemtrails <> food crisis connection.
Beware.
You be aware! That jerkin is very unbecoming.
http://www.youtube.com/watch?v=yp_l5ntikaU
Hedgeless, Green Leader is correct regarding chemtrails. So little is known inspite some of the best scientific minds have asked the questions.
It is one of those things which are more evident by effect and observation only.
For example, please see the landing page art (NASA photo) of the US. It might shock you.
To my mind, and I lived in NorCal long enough to see/feel them, the stuff is real and really bad.
Airborne Vector Warfare.
ORI
http://aadivaahan.wordpress.com/2011/01/05/stairwell-sigtar/
Citations, please.
Edit:
For example, please see the landing page art (NASA photo) of the US
I meant to say at rense.com today.
Very timely. tmosely below, please take a peek also.
Cannot personally understand partial tin-foilery.
ORI
Holy shit! The paths of airliners actually CROSSING each other!
http://www.rense.com/1.imagesH/chemsat_dees.jpg
How more clearly ab-normal can you get than that? Unless, of course, they did not cross.
Well that sews it all up for me, scientific method or not.
HH, condensation trails vanish (dissipate) in minutes.
chemtrails stay, sometimes for hours.
What gives?
What you are seeing in that photo is not a time-lapse picture, but real time.
ORI
Ha Jeff Rense... Are some people then immune to this or are we all being poisoned constantly? Jeff Rense reminds me of the guy just north of San Diego that was leaving on an alien ship concealed by hale-bopp. Cut his own balls off and died in his bunk with his tennis shoes on as I remember. haha
Ha! it helps to develop a little critical thinking. SO you can sift, wheat from chaff.
I've learned more by delving through Rense than years and years of college.
Ignore reality, even if it comes looking like you did not expect it to look, at your own peril.
F\or many, ZH is the Rense equvivalent of the financial world.
ORI
Obviously you are a Brain Scientist, splitting neurons in your spare time eh?
Cockfighting? Now I have heard everything.
A scientist would demand reproducible, controlled trials. You don't even know what is in "chemtrails", or whether they are all the same. You also don't know if what , if anything, is making it to the ground, or where. Just seeing a plane flying overhead is not enough. That stuff is so high in the air that you would never breath it. More likely it would float off to the east until it hit mountains or ocean.
Here's a hint--"chemtrails" are water vapor.
Mosley, Mosley:
The real evil shit is sprayed @ 2500-3000 ft with unmanned jet drones which look like rockets. I've even seen one purge its tanks on/off right above where I live.
There's more.
This explains much. Please describe the effects this real evil shit has had on you. Any delusions? Paranoia? Excessive anger? Confusion? Impotence? Shrinkage? Hunger? Weight gain? Lack of focus? Fatigue? Incontinence? Turned into a newt?
Don't you read this website? There is enough really bad stuff going on in our world that we don't need people making stuff up. You do understand how smoke screens are used, right? And have you ever read the story of the little boy that cried wolf? Pulling the fire alarm distracts the firefighters from actual fires.
If you are a scientist, then do some real science, and publish it. Otherwise, you are just wasting your education.
Chemtrails are real. A grand conspiracy.
Operation Cloverleaf. Good ole' Edward Teller set up us the bomb.
Then he set up us the Chemtrails.
Ice crystals do not linger in the sky for hours, spreading out into murky grey hazes
as I have observed. Soil levels of barium are going ballistic all over the USA.
I've always though that someone should take a good look into where the Barium
is coming from. The smoking gun would be found.
Citation, please.
Are these guys above for real? Ice crystals do not diffuse itself depending on upper level winds... okay Tanks being purged above him.. Tyler, strengthen the math questions, please!
What's that about ice crystals not lingering in the sky for hours? What planet do you live on?
http://en.wikipedia.org/wiki/Cirrus_cloud
It's called a CLOUD! Ever seen one of those? Or are those made by the government too?
No, sounds a lot more like you are lying to me. You can't even get your conspiracy theory right: http://en.wikipedia.org/wiki/Chemtrails
Next you'll be telling us you talk to aliens.
http://geoengineeringwatch.org/
http://chemtrailsnorthnz.wordpress.com/opinions-regarding-the-functions-...
here's a couple of links with lots of different citations, knock yourself out.
I've found that people will believe whatever is comfortable for them, until the obvious becomes to comfortable to ignore - it's like trying to explain the FED & monie & precious metals to some folk - they're just not ready to incorporate the information into their "lifestyles" - until they're in pain.
riddle me this: why has our chemical overlord, Monsanto, spent their precious money & time developing aluminium resistant seeds? perchance they're aware that the soil is being degraded daily? intentionally. . .
I am sorry our education system has failed you so badly. Everyone should have learned how to provide a legitimate citation in junior high. An index page to a website is not acceptable.
the truth is I have zero desire to "convince"you or anyone else of anything - you do your own research whenever you're ready to take it in.
you're not doing yourself any favours, but enjoy your smartassery, lol.
Probable? PROBABLE??
Dude, it's gone from possible to IMMINENT!!
Tyler, hold me... I'm scared....
this reminds me of when n the cartoons the guys n a raft drifting n the sea would look around and see each other as hot dogs or hamburgers...
thats a good sign, yes????
Actually I am suprised this isn´t the big news right now...prices are going up right....and I would think by quite a bit..10-25%...that is a big hit to the normal people...
Normal people don't get on the news.
Rising food inflation has been hidden for years in degraded food. Take a look at both butter and milk in the US. Neither of them are the substance or quality in most other countries. They have taken the fat out of cream and put in some sort of seaweed as a thickening agent. It’s not even cream anymore…….just read the labels. This has helped to keep prices way down and along with that……………inflation.
Ritz crackers now use soy as a filler.
GMO soy, at that.
Ritz crackers, a memory of the past, bitchez!
mechanically reclaimed meat.
http://en.wikipedia.org/wiki/Mechanically_reclaimed_meat
what was considered "pet food" in the 1960's now "bulks up" most fud products, and certainly FAST fud products worldwide.
nutritional standards are history, if you don't grow it, raise it, or know the source, you may want to do the research.
Meanwhile tuna fish is worth its weight in silver.
http://mdn.mainichi.jp/mdnnews/news/20110105p2g00m0dm019000c.html
Tuna, bitchez?
Too bad most commercial tuna comes packed in soybean broth instead of water now. Anything to get a little more GMO crop in your gut...
Yep, pump in that GMO Frankenfood! BTW te nice side benefit of their crops is they cant be regenerated...you cant save your tomato or pumpkin seeds and use them to grow more, they wont germinate. HOORAY for Monsanto!
Look at gold plunge again @ comex open 1367 atm.
QE will work... until it doesn't. It is still a finite planet with finite resources. Cheap energy and cheap labor drive economies, not cheap dollars.
gold and silver getting smashed, somebody calm me down please before I panic.
Just shut up and buy the effin' dips!!
I would accumulate PMs on the dips, unless of course you really think there is a recovery going on. Or you believe the corrupt banks can manipulate PMs for ever and ever.
Or if you'd prefer a fistful of dollars
The world is quite literally eating fossil fuels. It takes a lot of energy to convert one mole of nitrogen gas (something plants can't use) into ammonia (something plants can use) for fertilizer. This is a thermodynamic fact (anyone remember reality anymore?) regardless of the party you belong too or the God you pray too.
Sure, some bacteria can convert nitrogen to ammonia, BUT they are very slow at doing so because they need to burn a lot of energy (damn thermodynamic reality) to do so. If we were to rely solely on the natural process we would have to take the earth's population back to half a billion or so.
Talk about a non-sustainable disaster. Good thing I will be long dead when this one catches up with us. Thanks zerohedge!
It's called crop rotation. Legumes fix nitrogen just fine.
The legume does NOT fix nitrogen. The bacteria in the root nodule do. Good luck feeding the world on legumes. The thermodynamics are what they are. Besides, you still need to add phosphates and magnesium in higher amounts to legumes so you have higher costs elsewhere if you want them to grow at any reasonable rate.
Yeah, that's like saying your guts don't digest food, the bacteria does. So what? They are symbiotes. It's the same difference.
Who said anything about feeding the world on legumes? You are the one going nuts telling everyone we are running out of ammonia in the soil. This is clearly not the case. Crop rotation feeds nitrogen right back into the soil. You can get all the phosphates and magnesium you need from chicken shit manure. It might be somewhat cheaper for factory farms to just bring in fertilizer than to rotate crops, but crop rotation doesn't cost that much more. The vast majority of small farms still use that technique.
Christ, another dumbshit Malthusian misquoting thermodynamics at me. Why don't you people just off yourselves?
Besides if you are taking the legume out of the soil, then you are removing the nitrogen. If you leave it in the soil, then you are not feeding anybody until you turn the soil and grow something else. Many practice crop rotation but still must add numerous chemicals for growth to meet demand and be profitable. Sorry, the laws of thermodynamics are what they are.
You take out the pod. The rest is ploughed under, restoring the nitrogen content of the soil.
Do you know anything about farming? It seems pretty clear that you don't. Christ, how do you think humanity survived for the last 6000 years before the invention of chemical fertilizers?
That was funny. Finely funny. Nobody will starve, only people making bad decisions.
I wonder if believing that legumes fix nitrogen and not a symbotic relationship with a bacteria is a bad decision.
No, let me guess, your group will bail you out of your fantasy while people who knew will be starving. Their bad decision was to be born in a wrong group.
What the fuck am I reading?
Humans would all starve without the bacteria in their guts assisting digestion. Does this mean that humans will all starve to death? NO! The symbiotic bacteria are endemic!
You are spouting off distinctions that make no difference. Why? Because you want everyone to die to fulfill your Malthusian jerk off fantasy?
Another big kubuki show across the board. Watching Ben and his trained media monkies and banksters is like watching a soap opera. Its all in the script with each episode having its theme. Today it is 'blockbuster' recovery sinks gold. It is insanity.
In the long run they are totally fucked, the printing can never end. I'm holding my gold, silver and gold, silver, oil shares and supplies...this pricks are not getting me back in the game.
Exactly.
I suggest if one hasnt done so already , one completely ignores the "markets" and spends time putting ones house in order so to say : delever and then stockpile on necessities and put any surplus "cash" (those lucky enough to be completely debt free) into still the soundest store of value : gold. And forget the day to day , week to week , month to month , gyrations and jerkathons in its dollar demoninated price.
I live in So Calif, and we occassionally get rocked by thermodynamic legumes, aka earthquakes. Here it is always prudent to stock up on food & water, smokes & drinks, cuz the San Andreas Fault line could go at any second.
*cough* New Madrid Zone *cough*
Gold down 0.81% AUD down 0.81%
LoL Lets call it a draw.
Can we outsource Bernanke's job to India?
I agree that food prices are rising. They are rising from super-cheap to dirt-cheap.
Any perchance down-on-his-luck American who can walk can stroll into a dollar store and eat for $4/day. Anyone.
That is a fact.
Uhhh, not really. You might be able to get the calories, but you won't get the nutrients you need that way. Fruits and vegetables aren't an optional part of your diet, unless you are a fan of constipation and scurvy.
Stores Put Security Tags on Turkeys to Stop Shoplifters
http://www.dailymail.co.uk/news/article-1340325/Stores-security-tags-turkeys-stop-shoplifters.html
"Excuse me sir, is that a frozen turkey in your pants?"
..but anyway 5oz. canned hormel turkey = $1.90 vs. I canned a 20lb turkey and yielded 10 pounds of meat fir $10 bernanks
World Bank issues its 1st yuan bonds in Hong Kong
http://www.businessweek.com/ap/financialnews/D9KHUU200.htm
peeped that too...
good lookin out brah'...lets c if i get junked for this as well...
There is no inflation; only deflation, serious deflation.
And we are at war with Eurasia.
We have always been at war with Eurasia.
2+2 = 5
The Fed will solve the problem by issuing more trillions to the banksters. Should things get worse it will hand out more trillions to the banksters. If there is a major calamity it will hand out more trillions to the banksters. Get the point?
Yes, we think we do: Become a bankster.
Levi Strauss During the California gold rush. "If I can set the price for the tools to mine gold, I care not who pulls it out of the ground"
I am loving the segment they just did on CNBC regarding commodities. Big boys, doing big boy jobs. What you don't see is the banksters and equipment manufacturers that have everyone of those folks upto their eyeballs in debt for those $5 Million dollar dump trucks and $600,000 combines.
I have the solution - print more money or add more zero's to the terminal.
(d)
They're still trying real hard to force investors out of the commodity complex. Yesterday was the Central Bank globally coordinated sell off and dollar pump. Today I just heard CNBS announcer actually say it "switch from commodities to stocks" (10:27AM).
First, tell me how this would work under normal market conditions: with global demand on a tear and huge natural disasters constraining supply, does that spell selloff? Not usually. In fact the timing was done purposely to coincide with the Australia disaster, and spooky inflation numbers coming out of the UK, Euroland and elsewhere plus renewed dollar weakness.
But there are other, more sinister concerns for the Fed. First off, they have realized that one side effect of QE is speculation. You can't spoon feed ailing banks that are not lending and expect any different. Last time they tried it the side effect was the real estate bubble, and in the 90s the stock market bubble. Secondly, inflation in the major economies around the world is now at alarm bell rates. All last week it was hitting the headlines. For the Fed, the most influential one was the report that UK inflation was set to exceed 3% (it's own internal alarm) and UK financial journalists expressed fear that "the genie is out of the bottle".
Something had to be done.
But the problems of global supply constraints and competition for commodities will not go away. In the Ag sector, this is already an acute problem in India as food inflation is now off to the races and the threat of regional political instability is mounting. Energy commodities like oil and coal still have proven untapped reserves waiting to be exploited. Even though production has peaked there is leeway to reduce demand.
Not true with food. There are no untapped large arable land areas in the world. Climate, terrain and water constraints limit additional food production. And the availability of fertilizer has already reached peak production globally. Fertilizer prices are rising. Seed prices too. But unlike energy sources which wait quietly underground, ag commodities are victims of the whims of nature. And globally that's not going so well as climates change. There isn't much margin for error.
+1. Terrible idea to let the banks use QE money to ruin another sector of the economy like they did housing.
But this time it is for real: If a home builder goes out of business, then all those guys work under the table on remodeling jobs. It hurts tax revenues (and child support payments) but we can print our way out of that (Aid To Families With Dependant Children, Section 8, Food Stamps, Federal Education programs).
But if they lever up the small to mid size farmer and bankrupt him, (by making them compete against HFT algos at the CBOT, inflating input and equipment costs, getting them into bad loans for new land, etc.) Then we are screwed as a country permanently. All land will be farmed by 3 or 4 mega corporations and essentially nationalized. http://www.youtube.com/watch?v=Tbxq0IDqD04
Chemical fertilizers deplete the ground, leading to a vicious cycle whereby ammonium nitrate is necessary to insure crop yield. This especially because chemical fertilization destroys the whole ecosystem under the top cover. There are no earthworms under commercial wheat and corn fields.
Crop rotations and land regeneration by planting nitrogen fixing crops and plowing them under make a great deal of sense, but not when you just want the most you can get from your land right now like a little kid that just impatiently wants the toy in the toy machine already.
Of course, agricultural economics preclude most smaller and even mid size farm operations from practicing good agriculture or their bottom line would fall out. Large farm operations could care less about anything but maximizing profits, it's in the laws of every corporation that shareholder income must be maximized. That's a truly terrible law when earnestly considered by persons of even modest intellectual stature.
The vast tracts of land here in the USA that went unplanted in 2010 due to economic factors is another one of the reasons that food prices and availability will become an issue most likely during this year.
"There are no earthworms under commercial wheat and corn fields."
Cuba made a successful (although painful) transition from chemicals to organics with the use of both earthworms and composting worms.
This video on organic soil restoration & green manure is from Paraguay; it's in Spanish & Guaraní:
http://www.youtube.com/watch?v=EAgI1nn9Am4&feature=related
Isn't Paraguay where the Bush family is relocating to when USA collapses?
Don't you just love unintended consequences!
If the CFTC wasn't systemically corrupt there would be quite a few banksters sitting in prison right now and PM untouchable.
Unfortunately the CFTC is nothing better than a front for corrupt banks.
And Australia is inching ever closer to its property bubble problems.
Agriculture production and food production in the US is heavily subsidized
by the US Government.
For 5 bucks you can eat all the junk food you want and many Americans do overeat day by day, simply because they are unhappy and bored with their lives.
Over-eating is a huge Problem in the US.
The best investment you can do for yourself is be a bit more healthy.;)
Eat a little less and aet more fruit and vegetables.Cut out all the fatty meat
and shit.You don't have to eat like a Pig,because you are not an Animal.
You are a human being,so stop moaning about the price of food!
Eat less and stay healthy ,start taking dance classes and stop moaning!
All the Gold in the world is not gonna help you if you kill yourself eating.
If you want to lose weight, just eat a bit less of everything you are eating now.
And Pakistan is very, very close to disintegrating with this latest assassination. But of course that's on the other side of the world and doesn't affect us. We might, however, feel a bit of a rumble underfoot as those nukes start flying. I predict that Islamabad, Karachi and Lahore will be all melted glass and glowing dust by summer. In the US - dancing with the stars continues. All's well.
the best thing the US can do is keep watching "dancing with the stars" ,
that way they won't fuck up too much else...hopefully...
so keep on watching !
Don't you think India might catch a few?
Wonder if we can get that on PPV.
Food riots scare me more than anything. A hungry dog has no loyalty or allegiances. Food riots are when everybody becomes everyone else's expendable cannon fodder. Nation wide mosh pits in the streets; no elbows or cheap shots or off to the Camp FEMA penalty box with you.
This fear is ungrounded. If you are a US citizen and not part of the usual suspects in the US who might starve no matter the era, you wont lack food in a near future. No food riot in the US.
Ben Bernanke has been mandated by the US to starve the rest of the world so that they yield more easily their resources to support the US.
You are part of a 350 millions men army. Bernanke must feed the US people if he wants to put pressure on food prices and succeed in starving part of the world. You'll be fed.
"Rice and wheat are, from a global food security perspective, the critical agricultural commodities"
I disagree. As a Brazilian, I can live without rice, but I can't live without beans. When I no longer can afford beans, I will riot.
Rubber? This is the first I've heard about rubber. Why rubber?
Anyone buying Mason jars will be on the DHS list of potential threats. Don't even so much as think about looking sideways at that fruit pectin bucko.
Seed ownership will be illegal sooner than most people dare to imagine.
Who Owns Life? Canadian Farmer Sued by Monsanto
The bulk of farmers in Ohio who are using non-GMO seed are a real threat, too.
http://www.ohioagconnection.com/story-state.php?Id=1054&yr=2010
Yeah, I've read about that one. I've watched a few docs on Monsanto, and they are, without a doubt, a truly evil organization. One day a very pissed off Indian national will walk into their HQ with a boom vest on.
http://www.wearegreen.tv/2010/01/former-monsanto-exec-appointed-to-the-h...
embedded.
Ha! I just put up 6 pints of apple butter and 8 pints of apple jelly yesterday. I guess I'm on the list.
elderberry cough syrup & tinctures here.
DIY FTW.
I don't understand how TD argues that the economy will suck but we will have inflation in consumer goods. We won't! And how can you bring up the history of high commodity prices of 2 years ago without acknowledging the result? Prices crashed! And they will again this time without external shocks such as drought or blight or an oil embargo.
Until the economy has a solid foundation and begins to grow there will not be enough DEMAND to trigger consumer good inflation. Inflation will find its way to investment assets that bubble and pop over time.
You don't understand how the economy can suck and we can inflation?:
Pull up a chart of commodities for the last 20 months.
Not to worry. If prices get too high, Congress will just pass a law, like, punishing the speculators. Or subsidizing farm stuff. Or forcing Walmart to gimme my Cheerios and Coors Light at a fair price. Or something like that. I have full faith in Uncle Cheddar and his ability to give me everything that I deserve and to which I'm entitled. Obama gonna pay my mortgage!!
Tomorrow is the celebration of the Epiphany, the visit of the Maggi to Yahushua ha Maschiach.
Peace to all.
Yahweh Yireh.
As I've said before, thank god so many folks are on foodstamps so that price sensitivity is limited. I wonder if the whole of the US (save the farmers) will be on foodstamps at some point. A managed economy, whether you call it communism or capitalism, is still not going to provide price information but it will provide great conversation for the soup line.
A link to CNBC article actually qouting Consumer Digest on the shrinking of the product size of things we buy... the only problem is the price isn't shrinking.
http://www.cnbc.com/id/40909380
Food riots happen all the time at most of the weddings I've been to.