Goodbye Petrodollar, Hello Agri-Dollar?

Tyler Durden's picture

When it comes to firmly established, currency-for-commodity, self reinforcing systems in the past century of human history, nothing comes close to the petrodollar: it is safe to say that few things have shaped the face of the modern world and defined the reserve currency as much as the $2.3 trillion/year energy exports denominated exclusively in US dollars (although recent confirmations of previously inconceivable exclusions such as Turkey's oil-for-gold trade with Iran are increasingly putting the petrodollar status quo under the microscope). But that is the past, and with rapid changes in modern technology and extraction efficiency, leading to such offshoots are renewable and shale, the days of the petrodollar "as defined" may be over. So what new trade regime may be the dominant one for the next several decades? According to some, for now mostly overheard whispering in the hallways, the primary commodity imbalance that will shape the face of global trade in the coming years is not that of energy, but that of food, driven by constantly rising food prices due to a fragmented supply-side unable to catch up with increasing demand, one in which China will play a dominant role but not due to its commodity extraction and/or processing supremacy, but the contrary: due to its soaring deficit for agricultural products, and in which such legacy trade deficit culprits as the US will suddenly enjoy a huge advantage in both trade and geopolitical terms. Coming soon: the agri-dollar.

But first, some perspectives from Karim Bitar on CEO of Genus, on what is sure to be the biggest marginal player of the agri-dollar revolution, China, whose attempt to redefine itself as a consumption-driven superpower will fail epically and very violently, unless it is able to find a way to feed its massive, rising middle class in a cheap and efficient manner. But before that even, take note of the following chart which takes all you know about global trade surplus and deficit when narrowed down to what may soon be that all important agricultural (hence food) category, and flips it around on its head.

Karim Bitar on China:

Structurally, China is at a huge disadvantage as it accounts for 20% of the world’s population, but only 7% of arable land. Compare that with Brazil which has the reverse of those ratios. What that does for a country like China is to incentivise the adoption of technification. Let’s look at their porcine market, which represents 50% of global production and consumption. In China, to slaughter roughly 600 mn pigs per year, which is about six times the demand in the US, they have a breeding herd of about 50 mn animals. In the US, the comparable number is only about 6 mn so there is a huge productivity lag.


Owing to its structural disadvantages, China is much more focused on increasing efficiency. For that, it needs to accelerate technification. So, we’re seeing a whole series of government incentives at a national level, a provincial level and a local level, focusing on the need to move toward integrated pork production because that’s a key way to optimise total economics, both in terms of pig production, slaughtering, processing and also actually taking the pork out into the marketplace.


The Chinese government is important as a customer to us because of its clarity of vision on food security. It has seen the Arab Spring, and it is cognisant of the strong socio-political implications of higher food prices. Pork prices could account for about 25% of the CPI, so it knows it can be a major issue. It’s because of all these pressures, that China is more focused on responding to the food challenge. It’s a sort of a burning platform there.


...Take milk production in China and India. China is basically trying to leapfrog and avoid small-scale farming by adopting a US model. In the US, you tend to have very large herds. Today about 30% of US milk production is from herds of 2,000 plus, and we expect that to reach 60% within the next five years. Today in China, there are already several hundred dairy herds of over 1,000. However in India, there’ll be less than 50. The average dairy herd size is closer to five, so it’s very fragmented. So the reality is that a place like China, because of government policies, subsidies and a much more demanding focused approach to becoming self-sufficient, has a much greater ability to respond to a supply challenge rapidly.

The problem for China, and to a lesser extent India, however one defines it, is that it will need increasingly more food, processed with ever greater efficiency for the current conservative regime to be able to preserve the status quo, all else equal. And for a suddenly very food trade deficit-vulnerable China, it means that the biggest winners may be Brazil, the US and Canada. Oh and Africa. The only question is how China will adapt in a new world in which it finds itself in an odd position: a competitive trade disadvantage, especially its primary nemesis: the USA.

So for those curious how a world may look like under the Agri-dollar, read on for some timely views from GS' Hugo Scott-Gall.

Meaty problems, simmering solutions

What potential impacts could a further re-pricing of food have on the world? Why might food re-price? Because demand is set to rise faster than supply can respond. The forces pushing demand higher are well known, population growth, urbanisation and changing middle class size and tastes. In terms of economic evolution, the food price surge comes after the energy price surge, as industrialisation segues into consumption growth (high-income countries consume about 30% more calories than low income nations, but the difference in value is about eight times). Here, we are keenly interested in how the supply side can respond, both in terms of where and how solutions are found, and who is supplying them. We are drawn towards an analogy with the energy industry here: the energy industry has invested heavily in efficiency, and through innovation, clusters of excellence, and access to capital has created solutions, the most obvious of which are renewable energy and shale. The key question for us is, can and will something similar happen in food?

It’s hard to argue that the ingredients that sparked energy’s supply-side response are all present in the food supply chain. In food, there’s huge fragmentation, a lack of coordination, shortages of capital in support industries (infrastructure) and  only pockets of isolated innovation. We suspect that the supply-side response may well remain uncoordinated and slower than in other industries. But things are changing. Those who disagree with Thomas Malthus will always back human ingenuity. As well as looking at where the innovators in the supply chain are (from page 10), and where there are sustainably high returns through IP (e.g., seeds, enzymes etc.), we need to think about the macro and micro economic impacts of higher food prices, and soberingly, the geo-political ones.

Slimming down

Could the demand destruction that higher energy prices have precipitated occur in food? There are some important differences between the two that make resolving food imbalances tougher. Food consumption is very fragmented and there is less scope for substitution.

Changing eating habits is much harder than changing the fuel burnt for power. And, ultimately, food spend is less discretionary that energy, i.e., the scope for efficient consumption is more limited and consumers will not (and cannot) voluntarily delay consumption, let alone structurally reduce it. This means that higher food prices, especially in economies where food is a greater portion of household spending, will lead to either lower consumption of discretionary items or a reduced ability to service debt (with consequent effects on asset prices). When oil prices spiked in the late 1970s, US consumers spent c.9% of their income on energy vs. an average of 7% over the previous decade. And yet, the total savings rate rose by c.2% as they overcompensated on spending cuts on other items. 2007-09 saw a similar phenomenon too. Even the most cursory browse through history shows that high food costs can act as a political tinderbox (so too high youth unemployment), and we believe there is a degree of overconfidence with regard to the economic impact of food prices in the West: food costs relative to incomes may look manageable, but when there is no buffer (i.e., a minimal savings rate) then there are problems. Food spend as a percentage of total household consumption expenditure is a relatively benign 14% in the US, versus c.20% for most major European nations and Japan. This rises to c.40% for China and 45% for India. Of course, as wages rise, the proportion of food within total consumption expenditure falls, but that is only after consumption hits a ceiling. Currently, India and China consume about 2,300 and 2,900 calories per capita per day, compared to a DM average of about 3,400. If the two countries eat like the West, then food production must rise by 12%. And if the rest of the world catches up to these levels then that number is north of 50%.

The scramble for Africa’s eggs

In terms of ownership of resources, food, like energy, can be broken into haves and have-nots. While there are countries  that have been successful without resources, it is quite clear that inheriting advantages (in this case good soil, climate and water) makes life easier. But that, of course, is only half the battle; what is also required is organisation, capital, education and collaboration to make it happen. Take Africa. It has 60% of the world’s uncultivated land, enviable demographics and lots of water (though not evenly distributed). Basic infrastructure, consolidation of agricultural land and minimal use of fertilisers and crop protection could do wonders for agricultural output in the region. But that’s easier said than done. Several African economies also need better access to information, education, property rights and access to markets and capital. Put another way, it needs better institutions. If Africa does deliver over the coming decades, rising food prices will alter the economics of investing in the region. The next scramble for Africa should be about food (while it is about hard commodities now and in the late 19th century it was about empire size). Fertiliser consumption has a diminishing incremental impact on yields, but Africa (along with several developing economies elsewhere) is far from touching that ceiling. Currently, Africa accounts for just 3% of global agricultural trade, with South Africa and Côte d'Ivoire together accounting for a third of the entire continent’s exports. But if the world wants to feed itself then it needs Africa to emerge as an agricultural powerhouse.

Higher up the production curve is China, which has been industrialising its agriculture as it seeks to move towards self sufficiency. Power consumed by agricultural machinery has almost doubled over the last decade, while the number of tractors per household has tripled, driving per hectare output up by an average of more than 20% over the same period.

Even so, in just the last 10 years China has gone from surplus to deficit in several meat, vegetable and cereal categories. So a lot more needs to be done, and a shortage of water could also prove to be an impediment, especially in some of its remote areas.

The power of the pampas

With significant surpluses in soybeans, maize, meat and oilseeds, Brazil and Argentina have led the Latin American  continent in terms of food trade. Current surpluses are 6x and 3x 2000 levels, versus only a 30% increase in the previous decade, and are rising. A key impediment to boosting exports is infrastructure. Food has to travel a long way just to reach the port, and then further still to reach other markets. Forty days is possibly acceptable for iron ore to reach China on a ship from Brazil, but that would prevent several perishable food items from being exported. And hence, solution providers in terms of durability, packaging, refrigeration and processing will be in demand. Also, while you could attribute a lot of the agricultural success of LatAm economies to good conditions, they have also benefitted from the adoption of agricultural innovation. For instance, more than a third of crops planted in the region are as seeds that are genetically modified, versus more than 45% in the US and about 12% in Asia. Genetically modified crops are not new. They provide solutions to some of the most frequent constraints on agricultural yields (resistance to environmental challenges including drought and more efficient absorption of soil nutrients, fertilisers and water) or add value by enhancing nutrient composition or the shelf life of the crop. And while the adoption of GM crops and seeds is far from wholehearted, particularly in Europe, it’s most certainly a key part of the solution in economies that are set to face a more severe food shortage.

The last mango in Paris?

Europe’s deficit/surplus makes for interesting reading. Seventeen of the 27 EU countries face a food trade deficit, and yet, the EU overall recorded a surplus (barely) in 2010 for only the second time in the last 50 years (see chart). Broken down further, the UK is the largest food importer, followed by Germany and Italy, while the Netherlands and France lead exports thanks to their very large processing industries. If Europe’s future is one of relative economic decline, then reduced purchasing power when bidding for scarce food resources is an unappetising prospect. Therefore, it needs all
the innovative solutions it can muster, or import substitution will have to increase. It’s important to note that being in overall surplus or deficit can mask variety at the category level, i.e., Europe is a net importer of beef, fruit & vegetables, and corn, while its exports are helped by alcohol and wine specifically. Japan, in particular, is very challenged. It is the only country in the preceding table to show a deficit in every single food category.

We conclude our trip around the world in North America. Large-scale production, access to markets, a home to innovation
and favourable regulation has meant that the US (and Canada) continues to dominate some of the key agricultural resources such as soybeans, corn, fodder, wheat and oilseeds. Put this self sufficiency together with the medium-term potential for energy self sufficiency and relatively good demographics (better than China), and a rosier prognosis for the  US, versus the rest of the Western world and parts of Asia, begins to fall into place.

Agri-dollars on the rise

Before we conclude, we need to devote a few lines to the geo-political and macro economic consequences of higher food prices. It’s likely that countries will act increasingly strategically to secure food supply, and that protections (e.g., high export tariffs) may well rise. It is also likely that there are special bi-lateral deals to access stable and secure food supply.

This could obviously damage the integrity of the WTO-sponsored system. Another consequence might be the emergence of agri-dollars, in the same way that petro-dollars emerged in the 1970s. This may seem far fetched (the value of the world’s energy exports is US$2.3 tn compared to US$1.08 tn for agriculture) but it’s important to think through the consequences. The big exporters, especially those with the scope to grow their output, may well have sustainable surpluses that can be reinvested into their economies (or extracted by a narrow part of society). Similarly, the consequence of being a net importer will be an effective tax on consumption: disposable income in the US would jump if oil was US$25/bbl.

As we have said, we would expect the big gainers of a meaningful rise in food prices in real terms to be Brazil, the US and Canada, while Japan, South Korea and the UK would face challenges. The top chart is important: look how China’s surplus has turned to deficit. What will happen if the Chinese middle class swells as it is expected to? And that’s  the rub; what we have been used to in terms of food’s importance is set to change. How food moves around the world is likely to change, and the flow of currency around the world will also likely be impacted.

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jmcadg's picture

Farmers will be kings in the next cycle.

Productive farmland is what you want.

Long-John-Silver's picture

You are confused. The Kings will be farmers after they confiscate all productive farmland for the good of the public.

EnslavethechildrenforBen's picture

The word "Dollar" means "one ounce of Silver". It has nothing to do with petroleum, farmland or aliens.

economics9698's picture

Back in the day.  Now it means Jewtopia.

Oh regional Indian's picture

Interesting alternative, aquaponics...

Soil-less farming...


augustus caesar's picture

Goes back to the days of the Hanging Gardens of Babylon,

I would have loved to have seen them in person.

Having quite a bit of experience myself with both aquaponic and hydroponic systems I see some difficulties in large scale agricultural production off the top of my head. However I would love to believe human ingenuity can overcome these obstacles.

Aquaponics is a living system and thus must remain highly balanced in order to be successful, for example minor temperature fluctuations will lead to changes in populations and diversity in bacteria, protozoa, rotifers, actinomycetes, and fungi resulting in fluctuations in nutrient uptake by the plants. Also, like hydroponics, because the plants all share a nutrient solution if disease were to strike it would be complete and utter devastation with close to no survivors.

Hydroponics is more stable than aquaponics but has similar requirements regarding temperature fluctuations. Off the cuff, hydroponics results in more conservative water usage, but has similar pollutive aspects as chemical fertilizer soil farming as waste nutrient solution must be disposed of.

To put it in simply in conclusion, water based agriculture can be highly successful as long as your environment has consistent weather and temperature. If you lack these characteristics more money must be spent on technological environmental stabilizers thus reducing potential proft.

All the best ORI, thanks for bringing up the subject.

savagegoose's picture

sooo.... we should make fiat out of rice paper, and dys out of protiens and vitamins,  then we can eat  dollars :p~

markmotive's picture

The agricultural empire is set to fall. It's effectively operating at razor-thin safety buffers. All it will take is a couple mistakes with the global food supply and we're 3 steps away from WWIII.

Dr. Sandi's picture

Are we talking mistakes such as, oops, we planted too much corn and not enough soy?

Or are we talking, "Damn, nobody saw yet another year of global drought wiping out half the harvest"?

Oh regional Indian's picture

Excellent points AC. Good to hear an experienced voice.

From my understanding, the fish in an Aquaponic system help stabilize the environment to a large degree, relative to a pure hydroponic set-up? 

If you like, visit the site above and get in touch with them. The folks there have had amazing success with commercial scale Aquaponic set-ups and even privide training for it.

I'm hoping to bring them to India at some point. Indian farmland is being gobbled up by Industry at an alarming rate and water is dis-appearing at a concominant rate.


chebetts's picture

The whole aquaponics systems is a closed loop system, meaning that there is no waste, all has a purpose....something we can design our whole lives around eh? I personally like the story of Will Allen and what he's done up in Wisconsin at . You can check out some youtube videos of his project which grows food year round, regardless of the outside temperature in Wisconsin, another design we should all implement.

Reaching far back into the depths of my memory, I somewhat vaguely remember a Daniel Quinn quote, author of Ishmael, in that, "The problems we have today, with fixing the world and the human race, will not be solved with old minds and new programs, but with new minds and no programs...." Something along that thought thread.

The power of change will happen over night and I believe it will be those that swim through these currents, the ones that know the depth for they have been there, the ones with the experience as well as the control of ego in knowing that all in all....we really don't know anything.

Hopefully the light will continue to bask its scarcity across the truth here in the near future and no longer will be slaves of our own minds, but rather open our hearts to something deeper and greater, something we've all been wired for and unknowingly, quite ready for.

All the love to all of your wanderings on your own paths, may you be fearless and full of light and love.

/hippy rant off.....

homonohumanus's picture

I think that your sentence " the power of change will happen over night, etc." is possibly right but not I would not read it in the way you seem to do.


Imo, I don't expect the powers that be to wait for any form of consensus to happen with the masses of the population.
They won't let their advantages vanish and even less likely is the odds for them to risk their survival.


If Histroy is any lesson, they could trigger incredibly violent changes indeed over night.


But when you think about it what will you do if you were in their positions? You know things are going out of hand, that population don't really care and for all its pretences it is only envolved in the "public affairs" (ie res publica) once every couples years and that only involves voting, not much of a personal investment in the gran scheme of things. The same population is entiled in its opinion, no matter how they ve been pushed in that direction, the system is incredibly complex (again putting aside responsabilities), and overall even if oligarchs were to point, for once, in the sane direction, the message would be lost, contested and what not.

I think that at some point, even if they were all sudden, which never really happened, crushed by the concerns about every body well being and the overral society best interest, they would come to the conclusion that we are helpless and that they have to resort to what they do best and that is preserving their best interests, from there...



earleflorida's picture

@ oh regional indian

therein lies the rub... pakistan has threatened war with india over hydro dams, eg. agricultural, fishing, wildlife, etc., depletion.

as a side note; china's farmers are finding it harder to irrigate their crops. what once was a sufficient 900 meter well has become unresponsive. they now must drill at minimum 1,500 meters, which has placed a huge financial burden on their tiny margins...

feedback appreciated if incorrect... :-))


absolutely fantastic article

thankyou tyler 

Oh regional Indian's picture

It's true Earl, water war's abound in thsi region. Sadly enough, even states within India are fighting each other, damming rivers, controlling flows. And our water wars are with all neighbours (China, Nepal, Bangladesh). 

A not-well (!) ending story, I believe.


Disenchanted's picture



We may have the agua/aqua dollar before the agri-dollar...

hedgeless_horseman's picture



Farmers will be kings in the next cycle.

If this is true, then we will all be worshipping Sun Gods and Fertility Goddesses, again.

There is a reason farmers talk about the weather so much.




doomandbloom's picture

It will be Kings who will opt for farming in the next cycle. 



goldfish1's picture

"Mr. Karim Bitar has been the Chief Executive Officer of Genus Plc since September 30, 2011. Mr. Bitar has been the President of European Operations of Eli Lilly & Co. and Lilly Research Laboratories since July 2008."

"Genus is a world leader in applying science to animal breeding creating advances through biotechnology and selling added value products for livestock farming and food producers."

Here's this guy who is the henchman for promoting cafo's (Concentrated Animal Feeding Operations) as the solution to the world food production and distribution issues. Invest here, ignore the fact that there is no solution for water and air pollution, animals on increasingly potent antibiotics which the consumer receives as well, corruption of our genetic heritage through gmo grains production and animal cloning and elimination of the small scale farmer. Sounds like Henry Kissinger's playbook.


Think of them as bankers in the world of biotechnology. Fukk them.

knukles's picture

Any public access to weather control technology will be a means by which the gubamint and their financial enablers steal public funds...
To wit. Solandra, et al. Ethanol....'s picture



The word "Dollar" means "one ounce of Silver". It has nothing to do with petroleum, farmland or aliens.


A US silver dollar contains .77 ounces of silver. Any combination of dimes, quarters or half dollars which when added together equal a dollar contains .72 ounces of silver.


The word dollar is an Anglicised form of the German word Thaler...



On April 2, 1792, U. S. Secretary of the Treasury Alexander Hamilton reported to Congress the precise amount of silver found in Spanish milled dollar coins in common use in the States. As a result, the United States dollar was defined[11] as a unit of weight equaling 371 4/16th grains (24.057 grams) of pure silver, or 416 grains of standard silver (standard silver being defined as 1,485 parts fine silver to 179 parts alloy).[12]





The Thaler (or Taler or Talir) was a silver coin used throughout Europe for almost four hundred years. Its name lives on in various currencies as the dollar or tolar. Etymologically, "Thaler" is an abbreviation of "Joachimsthaler", a coin type from the city of Joachimsthal (Jáchymov) in Bohemia, where some of the first such coins were minted in 1518. (Tal is German for "valley". A "thaler" is a person or a thing "from the valley". In the 1902 spelling reform, the German spelling was changed from "Thal" and "Thaler" to "Tal" and "Taler", which, however, did not affect the spelling of "Thaler" in the English language. Tolar is thaler in Czech language)

ali-ali-al-qomfri's picture

thanks Crockett, I was under the assumption it was derived or related to 'tally' stick's picture

An interesting possibility considering the common roots of many words with related meanings although I believe that the German derivation of dollar is well documented. But it is always a good idea to keep one's thinking cap on and consider other possibilities.

EnslavethechildrenforBen's picture

How many counterfeit paper dollars are required to convince someone to part with a real dollar?

Dr. Sandi's picture

Depends on whether they're just good, or, in fact, passably good.

OpenThePodBayDoorHAL's picture

The "tally" stick comes from the French "tailer" which means to trim or cut. The notches, that is. 700 years of price stability and slowly rising living standards.

Harbanger's picture

"A US silver dollar contains .77 ounces of silver. Any combination of dimes, quarters or half dollars which when added together equal a dollar contains .72 ounces of silver."

US coins haven't had any silver since 1965.  Quarters and dimes have zero silver, they are made of nickel and copper.  Pennies and nickels are too expensive to make and Geithner said they're being taken out of circulation in 2013.

Cui Bono's picture

I got a Silver Eagle to bet that says you are wrong.....CB's picture



US coins haven't had any silver since 1965.


Mostly true. I considered that to be a given. However Kennedy half dollars dated 1965 through 1969 inclusive contain 40% silver.


This is a great resource:

Cui Bono's picture

Bad Crockett.... One demerit.....
1965 to 1970.... details details..... That should be one silver dime..... haha.... CB's picture

The 1970 Kennedy half dollar only appeared in collector sets and is not found in general circulation. It is usually not considered when discussing "junk" silver.


40% silver half dollars
  • Kennedy 1965–1969
  • Kennedy 1970 (collectors sets only)


Ha, ha, indeed.

economics9698's picture

Get rid of the 75 IQ natives in Africa and it would be the second USA.  China knows this and is taking advantage of the situation.

falak pema's picture

apart gor ur unfounded Kiplingesque poetry on african IQ, what the chinese are doing is direct investment in massive infrastructure; something the west has not done in a 100 years except for their OWN extractive empires; ripping off RM. Not saying the Chinese will be better, but at least they put money in in INfra. 

Africa needs massive investement and local partnerships to bring local people into the economic loop, and not just be AlQaeda or Rwandian rifle carriers for the outside Oligarchy. 

Having worked in Africa, if there was education there it would pay off big time. Its a young continent, immense riches. This includes head up ass Arab nations all full of oil and god's dogmatic slothfulness. "We only move if God says so..." Now that....

francis_sawyer's picture

Get rid of all the 75 [and above] IQ's anywhere and you'd be just like America... Narrow the parameters to eliminate the 50 [and above] and you'd have Americans on Black Friday...

knukles's picture

You mean there are no Noble Savages?

CrazyCooter's picture

Honor is what makes Man noble, for without it he is just another beast.



economics9698's picture

Why don't we just agree that if you have a EBT card you are on the below 100 IQ list.


  • African American women have the highest rates of being overweight or obese compared to other groups in the U.S. About four out of five African American women are overweight or obese.
  • In 2010, African Americans were 1.4 times as likely to be obese as Non- Hispanic Whites.
  • In 2010, African American women were 70% more likely to be obese than Non-Hispanic White women.
  • In 2007-2010, African American girls were 80% more likely to be overweight than Non-Hispanic White girls.

Dr. Sandi's picture

So when you're young and slender and have the average IQ, which is 100, but then get fat, your IQ drops?

How does that work, exactly? Is there a pound to point ratio that some skinny college lab assistant has worked out in a major university study?

economics9698's picture

No pound to IQ trade off, only a watching Jerry Springer trade off.  Hey doc look at the facts.  Grow a set of balls.  You and people like you are cowards.  I see your ugly ass at the university everyday.  Fuck off.

Dr. Sandi's picture

Thanks. It's this kind of intellectual banter that helps keep my mind sharp.

Maybe you can go kill something and relax a little.

dark_matter's picture

This is why Klingons are the most noble race in the galaxy.

toady's picture

I always loved that 'noble savages' phrase.

Now I won't be able to get it out of my head. I'll be calling my boys noble savages for the next two weeks.

falak pema's picture

tarzan and chimp Cheeta.

Cpl Hicks's picture

John Carter and Dejah Thoris

dark_matter's picture

After watching black friday shoppers on youtube maybe get rid of the 75 IQ natives in the USA and the USA would be the second USA. And obesity rather than race seems to be the discriminator.

economics9698's picture

Copy that.

 Obesity and African Americans



  • African American women have the highest rates of being overweight or obese compared to other groups in the U.S. About four out of five African American women are overweight or obese.
  • In 2010, African Americans were 1.4 times as likely to be obese as Non- Hispanic Whites.
  • In 2010, African American women were 70% more likely to be obese than Non-Hispanic White women.
  • In 2007-2010, African American girls were 80% more likely to be overweight than Non-Hispanic White girls.

Cathartes Aura's picture

ooooh, blacks AND women - y'gots yerself a twofer.  and you've been running this ad for a while now.


BooMushroom's picture

You forgot to refute it, say why it wasn't important, explain it away as correlation rather than causation, etc., etc., etc.

Sure, it's racist and sexist, but it seems to be true, and ignoring the truth is what has gotten us into most of the messes we discuss here on ZH.

Jreb's picture

No no no no my friend. The first confiscation will lead to something very unpleasant - having to do with rope and large pieces of desending steel. When the middle class finally gets pissed off they will not form armies - they will form linch mobs. Go long pitch forks, rope and 223 ammo - short government bonds... western history is full of examples. The future will more closely resemble the French revolution than the American. Time will tell...

francis_sawyer's picture

So we can all look forward to Robespierre re-emerging... Swell!