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Rueters 03-19-2009 Food Shortage + Finanaical Crisis = Bleak Outlook Food shortage + financial crisis = bleak outlook-The global economic meltdown has the World Bank on high alert.
As the financial crisis deepens, the World Bank is issuing even bleaker warnings about rising poverty and hunger in the developing world. Initially, it estimated that 46 million people in developing countries could be pushed into poverty. Now, that level is up another 7 million.
The collapse in U.S. inventories indicates the economy is laying the foundation for a return to growth this year.
Stockpiles of long-lasting factory goods declined...
Global inventories of grains are nearing historic lows, while twenty percent of the U.S. corn crop this coming year will be used for ethanol production. Meanwhile wheat, rice and soybean prices have reached all-time highs and corn prices have jumped to a 12-year high.
Demand for grain continues to increase adding upward pressure on the price of agricultural products. We expect this trend to continue.
Originally posted by mpriebe81
I just worry about the possible confiscation and/or destruction of all food supplies. That would obviously present a huge problem.
Originally posted by kozmo
Yes, a HUGE problem... for them, not for us! Some may let them take away their freedom but I am certain that the compost will most certainly hit the fan if police or military were to come into your yard and rip out your garden.
The collapse in U.S. inventories indicates the economy is laying the foundation for a return to growth this year.
Stockpiles of long-lasting factory goods declined...
www.bloomberg.com...
Originally posted by St Udio
reply to post by burntheships
consider that sawdust was mixed into rye bread dough so that many could eat bread... less nutritious but still filling,
the Raman Noodle with a heavy dose of spices might well become a daily meal staple for all us commoners...
since we never had those several years of guaranteed work & bonuses
as the financial sector people are now enjoying,,, so they can insulate themselves from the coming hardships that the unfortunate among us are destined to suffer.
accept the mark & thrive or become a resident in exile
Originally posted by burntheships[/
This is a link to an excellent video of Jim Rodgers taking about the coming food crisis. This is going to be a real problem!
By the way, this is an awsome video...Jim Rogers confronts Geithner!
www.thefinancialtube.com...
www.dailynewscaster.com...
“I am going to make a lot more money in agriculture than I am in gold or any stocks on the board. I know the inventories of food are the lowest they have been in fifty years. Farmers cannot produce anymore. There is a shortage of tractors, tractor tires, seed, fertilizer. There is a shortage of farmers.” Rogers warns.
“We are going to have an inflationary nightmare. Throughout history whenever people have printed a lot of money, six months, a year later you have terrible inflation. May I repeat again. May I urge you to buy some agricultural products.” Rogers continues, “Massive inflation is coming and the only way to protect yourself is to be out of paper assets and into real assets.”
A man-made famineThere are many causes behind the world food crisis, but one chief villain: World Bank head, Robert Zoellick
For anyone who understands the current food crisis, it is hard to listen to the head of the World Bank, Robert Zoellick, without gagging.
Earlier this week, Zoellick waxed apocalyptic about the consequences of the global surge in prices, arguing that free trade had become a humanitarian necessity, to ensure that poor people had enough to eat. The current wave of food riots has already claimed the prime minister of Haiti, and there have been protests around the world, from Mexico, to Egypt, to India.
The reason for the price rise is perfect storm of high oil prices, an increasing demand for meat in developing countries, poor harvests, population growth, financial speculation and biofuels. But prices have fluctuated before. The reason we're seeing such misery as a result of this particular spike has everything to do with Zoellick and his friends
Before he replaced Paul Wolfowitz at the World Bank, Zoellick was the US trade representative, their man at the World Trade Organisation. While there, he won a reputation as a tough and guileful negotiator, savvy with details and pushy with the neoconservative economic agenda: a technocrat with a knuckleduster.
His mission was to accelerate two decades of trade liberalisation in key strategic commodities for the United States, among them agriculture. Practically, this meant the removal of developing countries' ability to stockpile grain (food mountains interfere with the market), to create tariff barriers (ditto), and to support farmers (they ought to be able to compete on their own). This Zoellick did often, and enthusiastically.