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Forbes speculates on massive food crisis in 2011

A bigger shock than $150 oil


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27 Oct  2010 - "Food prices are high and going higher," says Addison Wiggin in this article in Forbes.

"Here’s what’s happened to some key farm commodities so far in 2010..."

  • Corn: Up 63%

  • Wheat: Up 84%

  • Soybeans: Up 24%

  • Sugar: Up 55%

The rise has now gone into overdrive, says Wiggins, who blames two factors…

  • "Aug. 5: A failed wheat harvest prompted Russia to ban grain exports through the end of the year ... (then) through the end of 2011. Drought has wrecked the harvest in Russia, Ukraine and Kazakhstan – home to a quarter of world production.

  • "Oct. 8: For a second month running, the Agriculture Department cut its forecast for US corn production. The USDA predicts a 3.4% decline from last year. Damage done by Midwestern floods in June was made worse by hot, dry weather in August.

What if there’s a Russia-scale crop failure in the United States,  asks Wiggins.

“When we have the first serious crop failure, which will happen,” says farm commodity expert Don Coxe, “we will then have a full-blown food crisis” – one far worse than 2008.

“I believe the next food crisis – when it comes – will be a bigger shock than $150 oil.”

If I'm right about the coming ice age, food prices could skyrocket far more than Mr. Coxe is now imagining.

During the last Little Ice Age, literally millions of people died of starvation. People dreaded going to prison because they might become part of the menu. There are even reports of parents eating their own children.

See entire article, along with suggestions on how to invest defensively:
Thanks to William Sellers for this link




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