While commodity prices have been soaring, apparently due to a loss in confidence in fiat currencies, there are some serious supply constraints at work as well in the food category. Combine that with the idea that inferior goods become more expensive in depressions or severe recessions, and the costs of the foods that feed the poor could get far worse than they already are. Already we have food price inflation producing riots. Our own loose monetary policy and central planning driven ethanol boondoggle are not just hurting us, our government’s liberal experiments are hurting poor worldwide.

China Drought Prompts U.N. to Issue Warning –  www.nytimes.com:  www.nytimes.com/2011/02/09/business/global/09food….=eta1

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