-- by Horatio Algeranon
Econo-reality,
It's plain to see
Is certainly not
What it's claimed to be.
The cost of crude
And price of food
It's plain to see
Is certainly not
What it's claimed to be.
The cost of crude
And price of food
Are "managed" by
The Wall Street Dude
The economy adjusts
With booms and busts
To exploitation
By the Trusts.
Econo-reliance
Is not a science,
But, in reality,
The Wall Street Dude
The economy adjusts
With booms and busts
To exploitation
By the Trusts.
Econo-reliance
Is not a science,
But, in reality,
Pure defiance.
How much longer can we afford econolyin' ?
Maybe Nancy Griffith knows. (She wrote a song about it: Listen here)
How much longer can we afford econolyin' ?
Maybe Nancy Griffith knows. (She wrote a song about it: Listen here)
Following is from “Speculation And The Frenzy in Food Markets
The fight over financial regulation affects global food prices” (February 16, 2011) (The Real News)
PAUL JAY SENIOR EDITOR, TRNN : “One of the things that’s said is that there has been, in fact, a collapse of the Russian wheat market, that demand has gone way up in China and to some extent India for maize, and the role of biofuels and corn. So does this explain it?”
JAYATI GHOSH, PROF. ECONOMICS, JAWAHARLAL NEHRU UNIVERSITY:
“we are getting very, very dramatic increases in price that are simply not explained by fundamentals. If you take the price of wheat, for example, it went up between June and December, it doubled in price, whereas the global wheat supply fell by maybe 3 percent and global demand for wheat has barely changed. So we really are not getting changes in price that are justified by the actual changes in the demand-supply balance.”
“A lot of the big increase in wheat in the last six months was because of the Russian grain failure and then the Russian ban on exports, which didn’t actually affect aggregate global supply, because other countries actually supplied more wheat, but it created this perception that there was going to be a shortfall, and so there was a massive increase in speculation in wheat. So what speculation is doing is massively magnifying an existing volatility.”
The fight over financial regulation affects global food prices” (February 16, 2011) (The Real News)
PAUL JAY SENIOR EDITOR, TRNN : “One of the things that’s said is that there has been, in fact, a collapse of the Russian wheat market, that demand has gone way up in China and to some extent India for maize, and the role of biofuels and corn. So does this explain it?”
JAYATI GHOSH, PROF. ECONOMICS, JAWAHARLAL NEHRU UNIVERSITY:
“we are getting very, very dramatic increases in price that are simply not explained by fundamentals. If you take the price of wheat, for example, it went up between June and December, it doubled in price, whereas the global wheat supply fell by maybe 3 percent and global demand for wheat has barely changed. So we really are not getting changes in price that are justified by the actual changes in the demand-supply balance.”
“A lot of the big increase in wheat in the last six months was because of the Russian grain failure and then the Russian ban on exports, which didn’t actually affect aggregate global supply, because other countries actually supplied more wheat, but it created this perception that there was going to be a shortfall, and so there was a massive increase in speculation in wheat. So what speculation is doing is massively magnifying an existing volatility.”
