10/09/10
At Financial Times (UK)
Soaring prices threaten new food crisis
GOT FOOD ?
| Hotter than normal summer in the U S, drought in Brazil and
Russia, too much rain in Canada and Europe. The U S diverts much of
its corn to produce ethanol to add to gasoline with no benefit. Result: supplies of grains are down, prices are UP. Economists are sounding alarms. Exporting countries are setting restrictions. Importing countries are scrambling for sources and are hoarding what they find. Prediction: we're going to get hungry and poor.
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