Commodity prices double in places where people spend 75% of their incomes on food. The conversion of corn to ethanol drives the price of food up even further. We're going to see a lot more unrest before this is all said and done.
I can imagine it is hard for parents watching their children starve and atrophy for lack of food to sit back and be patient until the market "corrects" the problem. Usually the people who counsel market correction anecdotes are those who aren't watching their children waste away because they cannot themselves earn enough money to feed them.
What is your point? Should we stop converting corn to ethanol?ReplyDelete