Sunday, February 20, 2011

Recovery: Cargill execs lighting stogies with Bennies

BEIJING, Feb. 20 (Xinhua) -- Soaring food prices, which the World Bank says have hit "dangerous levels," have thrust the issue of food security sharply into the global spotlight over the past week.

From Asia to the Middle East and to Latin America, the trends of food prices have aroused widespread public concerns globally and in the developing world in particular.

World Bank Group President Robert B. Zoellick warned on Tuesday: "Global food prices are rising to dangerous levels and threaten tens of millions of poor people around the world."

Rising food prices have driven an estimated 44 million people into poverty in developing countries since last June, as food costs continue to rise to near 2008 levels.

How convenient for Bernanke that this supposed food shortage (which hasn't stopped the conversion of corn into ethanol, exposing the "environmental" motive as depopulation) arrived just in time to provide an explanation for high food prices, other than the trillions he's given to those who have been driving up food prices as a way to convert their Fed monopoly-money into something of real value.