When the leader of the United Nation’s World Food Programme warned that a “silent tsunami” of hunger is sweeping the globe because of soaring food prices, a lot of folks probably viewed it as just another clever sound bite tossed off by a bureaucrat.
This weekend the president of the World Bank, Robert Zoellick, asked for $500 million in emergency aid for the UN World Food Program. “It is critical that governments confirm their commitments as soon as possible and others begin to commit,” Zoellick said. Prices have only risen further since the WFP issued that appeal, so it is urgent that governments step up.”
And worse yet for us alcohol-besotted worthless lushes out here, heroically keeping bartenders and comely barmaids gainfully employed year around, the price of hops, an integral ingredient in beer making, has soared from $4 a pound to $40.
Food costs skyrocket across the globe…how the latest surge means more than just higher prices. Kevin Kerr on the U.S. agricultural crisis just around the corner. Legendary investor says U.S. market has hit a bottom… for now. Byron King on the latest DOD energy project… and how you can profit from it. Bernanke called to Congress again… our thoughts on his latest testimony.