New Fed chairman?
"All over the world, food fights are breaking out. Not because there is too much
food or too little, but because it has gone way up in price," writes Bill Bonner in the Friday DR essay. "Of course, you
could put that another way: the paper money in which food is priced is going
down faster than usual."
Oddly enough, a not-so-senior UN bureaucrat seems to understand that in a way Ben Bernanke probably does not.
"The lack of confidence in the (U.S.) dollar has led
investment funds to look for higher returns in commodities …
first metals and then foods," according to Jose Graziano, described in this Reuters story as the "regional representative for Latin America and the Caribbean" with the UN's Food and Agriculture Organization.
Put Jose in charge of the Fed, I say. We can't do any worse than we are now.