Surging Food Prices Are Sparking Riots All Around The World.
Rising food inflation sparked violence across the Middle East and South Asia over the weekend, as demonstrators protested the high cost of staple commodities like sugar, rice and milk. The outbursts ignited fears that the world is due for a repeat of the 2008 food protests that rocked countries as far apart as Haiti, Senegal and Bangladesh. Food prices are now at an all time high, and are trending higher, indicating that this may be only the beginning of the food riot problem.
Oil prices are now at the same levels which helped tip the economy into recession in 2008 too. The last time I filled up my car a few days ago on the German autobahn the bill came to the most I have ever seen it, at 109 euro. So much for Bernanke’s wealth effect.