24 January 2011

the food bubble is inflating

[click image]


Bottom line:
The ministers from 48 countries called on the G-20 nations to “fight the abuse and manipulation of prices” in agricultural markets, according to a joint statement handed out at a press conference in the German capital today. ...

“All the member countries in the G-20 have to oppose this price volatility,” Le Maire said in a press conference. “With this text we already have a good starting point.”

World food prices rose to a record in December on higher costs for sugar, grain and oilseeds, the United Nations reported Jan. 4. An index of 55 food commodities tracked by the UN’s Food and Agriculture Organization gained for a sixth month to 214.7 points, above the previous high of 213.5 in June 2008.

The rising cost of food helped provoke deadly riots this year in Algeria and Tunisia, and at least 13 people died in Mozambique last year in protests against plans to increase bread prices. Surging food prices in 2008 sparked protests and riots in more than 30 countries, including Egypt, Haiti and Cameroon. ...
I hope you don't delude yourself we are being protected from the ravages of this action.

love, 99


  1. I hope you don't delude yourself...

    Ain't no delusion when I fork over more cash every week!

  2. I hope it only gets to the point where it's merely more cash... as opposed to no food on the shelves. That will hurt the very most. I mean, I for sure can't afford to eat as it is, but at least there's something there for me not to be able to afford....


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