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Wheat or Without It

Wheat or Without It

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Published by agdeagreda

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Published by: agdeagreda on Sep 04, 2010
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09/04/2010

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WHEAT OR WITHOUT ITLittle fuss has been made of the loss of a significant part of the crops in Russiadue to the weather conditions which led to an especially virulent fire season.Not much has been heard of the ban imposed on exports of grain for the timebeing. Even when wheat prices started to climb and Pakistan felt the firstsymptoms of the scarce, hardly any notice has been taken. And yet, the current financial crisis was partially triggered by the rise in the priceof food following a devious calculus which is also a prime example of globalization.Fuel prices begun to rise a little less than a decade ago as demand soared innations like China, whose economy swallowed fuel as a thirsty camel drinkswater after a long journey.Higher prices led some to think that the time was ripe for bio-fuels. Thousandsof hectares were bought in places like Ethiopia or Madagascar in order to growthe crops at the lowest possible cost. Riots took place in several places,notably in Madagascar, when a South Korean corporation attempted to use half of the island¶s arable land for these purposes.Greedy companies and radical environmentalists switched from producing foodto producing oil. The end-state was a much reduced cereal crop for that year and a significant rise in food prices. Oil prices, on the other hand, remainedunaffected.Russia was one of the biggest winners. Petro- and gas dollars travelled towardsthem along the pipelines. Big plans were drawn to modernize the ArmedForces, the infrastructures,« Naughty Georgia was taught a lesson they are not

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