The back story to the revolutionary overthrow of longstanding dictatorships in the Middle East is that the people of Egypt, Tunisia, Libya, et al couldn’t afford even basic foods and weren’t going to stand for the elites hoarding all their countries’ resources any longer.
The U.S Dept. of Agriculture’s Outlook Forum suggests that syrocketing food prices will continue, with possibly disastrous consequences around the world. Adam Gordon analyzes the situation for Forbes:
… Read the rest
The US Department of Agriculture’s (USDA) annual “Outlook Forum” in Washington D.C., usually draws a polite trickle of insiders and commodities traders, but on February 24 the forum’s venue was overrun with 2,000 attendees.
At the event, USDA chief economist Joseph Glauber warned of record farm prices for corn, wheat, and soyabeans for 2011, and resulting US food inflation of at least 4% this year and next as prices work their way through the supply chain.