World Bank Head Raises Food Prices Alarm: ‘One Shock Away From a Full-Grown Crisis’ | The Blaze
Posted April 18, 2011on:
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Please read and understand the implications of this report. Some of you will be inclined to say the world food crisis is not a concern of the United States but if you will recall a large part of what is happening in the Middle East and northern Africa is due to food shortages and therefore high costs of the food that is available. This while our current President is hell bent on “green energy” and the production of ethanol from corn. Besides being stupid since it takes more energy than is produced to make a gallon of ethanol, it has corn growers in a tizzy to get on the ethanol subsidy gravy train. CORN IS FOOD! for both man and animals. Because corn is being diverted from its natural use ALL food prices are going up here and all over the world. Some CORN FACTS: The United States is using 5.5 million bushels of corn this year for ethanol production. This is 40% of the crop! Only 1.2 million bushels is allocated to food and 2 million for export. There are over 15 new ethanol refineries being built and NOT ONE OIL refinery. Most of these ethanol refineries are located near Chicago—coincidence I’m sure. The United
States will produce 13 billion gallons of ethanol this year at a cost to produce of 19 billion gallons of oil. Yes! it takes 1 and a half gallons of oil to produce one gallon of ethanol! Please tell me where the “green” is in this project? Please explain to me how electric cars which our government wants us to begin using in mass saves the planet and are “green” when the electricity is produced in power plants using coal or oil? Someone should explain to our President that electricity does not come ready made from a wall socket.
The Agriculture Department announced last week that our reserves of grain are down 5% this when we have only a supply of 15 to 18 days worth in the silos. A disaster of just about any size would take bread off our grocery shelves within a week. the cost of bread alone has gone up 7% this year so far. And corn is used in literally hundreds of products!
Couple this US policy towards corn with another equally stupid US policy of the so-called WAR on Drugs. A war that is decades old and is unwinnable IMO. All over the world and especially in the poorest and most vulnerable countries land is being used to grow drugs to fuel the US and European drug market. End the war of drugs and legalize them as we have what is in my opinion the most dangerous drug: alcohol, and all the money being wasted fighting a losing battle, all the many thousands of lives lost to the war on drugs yearly and all money and lives wasted putting people in prisons would end. Fact: One half of all automobile accident fatalities are alcohol related! This doesn’t even consider the deaths caused by those drunks who take a gun and kill people. Deaths of others caused by drug users is a very low 6% of homicides. Drug users generally kill themselves thank goodness.
And consider the most important reason to stop the war on drugs: the farm land that could be employed raising food all over the world and especially in the poorest countries where the governments tend to be corrupt and turn a blind eye to drug production. This valuable farm land could be used to feed the people. Hungry people will fight and will accept any leader or government that promises them freedom from hunger! Keep that in mind. BB
World Bank Head Raises Food Prices Alarm: ‘One Shock Away From a Full-Grown Crisis’
- Posted on April 17, 2011 at 8:56pm by Scott Baker
The International Monetary Fund and World Bank have held their spring meetings at the World Bank building in the US capital, Washington DC.
They discussed the outlook of the global economy, and the challenges that lie ahead.
It’s the fourth year of the global financial crisis, and the world economy is slowly picking up. But there are still great vulnerabilities and uncertainties.
That’s the message world financial leaders are sending out from their spring meeting.
World Bank President Robert Zoellick says the surge in food prices is the biggest threat to the world’s poor, pushing 44 million more people into poverty over the past year.
Robert Zoellick, World Bank President, said, “Of particular concern is food prices. This is the biggest threat today to the world’s poor, where we risk losing a generation. We are one shock away from a full-grown crisis. The financial crisis taught us that prevention is better than cure. We cannot afford to forget that lesson.”
Also adding to the sense of urgency is a long list of new challenges.
Financial leaders warn that it’s critical for all countries to guard against complacency.
Tharman Shanmugaratnam, Head of IMF Steering Panel, said, “We have new vulnerabilities and new risks – the tragedy in Japan, developments in the Middle East, the prospect of higher commodity prices, and other new risks. So, there is a sense around the table in all our discussions that we are still in a fairly fragile situation. We have to be extremely watchful.”
Saturday’s talks followed the G20 meetings on Friday which agreed an improved monitoring process over global imbalances. But it’s still not clear how effective that will be.