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Pedro Gonçalves

Let Them Eat ... What? High Food Commodity Prices Could Cause A Global Revolution | Fas... - 0 views

  • “widespread unrest does not arise from long-standing political failings of the system,” the authors wrote, “but rather from its sudden perceived failure to provide essential security to the population.”
  • If current trends continue, the authors note, prices will permanently cross that barrier as early as next July. Prepare for a lot of angry people.
  • the relationship between income elasticity and the price (in-)elasticity of food means that “quite modest increases in global income will drive food prices up alarmingly unless matched by increases in supply.”
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  • they attribute the price rise to two distinct causes: “the price peaks are due to speculators causing price bubbles, and the background increase… is due to corn to ethanol conversion.”
  • The OECD Trade and Agriculture Directorate cleared speculators of any blame in its own investigation into the 2008 commodities bubbles, without fingering a culprit of its own.
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