I don't want to alarm anybody, but maybe it's time for Americans to start stockpiling food.
No, this is not a drill.
You've seen the TV footage of food riots in parts of the developing world. Yes, they're a long way away from the U.S. But most foodstuffs operate in a global market. When the cost of wheat soars in Asia, it will do the same here.
Reality: Food prices are already rising here much faster than the returns you are likely to get from keeping your money in a bank or money-market fund. And there are very good reasons to believe prices on the shelves are about to start rising a lot faster.
Friday, April 25, 2008
Brett Arends writes in the Wall Street Journal that we need to stockpile food and prepare for rapid increases in the costs of necessities in the U.S. I have no clue whether he's correct, but his article reflects some sense of just how bizarre this month has been. Here's a snip: