Sunday, May 04, 2008

Food Crisis Soon to be Over?

Wall-to-wall media reports of any economic event are widely thought to be a counter-trend indicator of said event.

In this case,"Traders -- and some notable agricultural experts -- are widely expecting the 2008-2009 growing season to provide a record harvest worldwide".

It's an example of capitalism in action: high prices being the cure for high prices.

"The high prices brought a lot of places into production," explains Jerry Norton, grains economist at the U.S. Department of Agriculture in Washington, D.C.
So that would mean that global warming... uh... didn't cause anything at all. Climate change was the non-cause, and the market found a solution all by itself.

How 'bout that!

I'd still like to see some sensibility on the ethanol front though.

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