Load Up the Pantry 

Not by Fire but by Ice

THE NEXT ICE AGE - NOW!

Discover What Killed the Dinosaurs . . . and Why it Could Soon Kill Us

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Load Up the Pantry
Commentary by Brett Arends in the Wall Street Journal
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21 Apr 08 – “I don't want to alarm anybody, but maybe it's time for Americans to start stockpiling food.

“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.

"Load up the pantry," says Manu Daftary, one of Wall Street's top investors and the manager of the Quaker Strategic Growth mutual fund. "I think prices are going higher. People are too complacent. They think it isn't going to happen here."

“Stocking up on food may not replace your long-term investments, but it may make a sensible home for some of your shorter-term cash. Do the math. If you keep your standby cash in a money-market fund you'll be lucky to get a 2.5% interest rate.

“The latest data show cereal prices rising by more than 8% a year. Both flour and rice are up more than 13%. Milk, cheese, bananas and even peanut butter: They're all up by more than 10%. Eggs have rocketed up 30% in a year. Ground beef prices are up 4.8% and chicken by 5.4%.

“The main reason for surging food prices, says the chief executive of General Mills, Kendall Powell, is the surge in demand from China and India.

“A secondary reason has been the growing demand for ethanol as a fuel additive. That's soaking up some of the corn supply.”

See entire commentary:
http://online.wsj.com/article/SB120881517227532621.html?mod=fpa_mostpop
Thanks to Hans Schreuder for this link


 



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Order Book I Q & A I Book Reviews I Plant Hardiness Zone Maps I Radio Interviews I Table of Contents I Excerpts I Author Photo I Pacemaker of the Ice Ages I Extent of Previous Glaciation I Crane Buried in Antarctic Ice Sheet I Ice Ages and Magnetic Reversals I It's Ocean Warming I E-Mail Robert at rwfelix@juno.com l Expanding Glaciers