While we are all navel gazing about our mortgages and the huge losses from risky speculation by unregulated hedge funds, there is a far bigger crisis looming, food. In particular rice. The price has risen sharply because of increased energy costs, rising population and other factors. India and Vietnam have stopped or cut back on rice exports. We have already seen riots in:
Haiti: http://www.allheadlinenews.com/articles/7010619052
Bangladesh: http://www.indiadaily.com/editorial/19343.asp
Egypt: http://www.time.com/time/world/article/0,8599,1729061,00.html
Philippines: http://www.upiasiaonline.com/Economics/2008/04/15/food_riots_to_hit_manila_soon/6830/
In Mexico it's corn: http://www.chicagotribune.com/business/chi-food-mexico-story,0,4414139.story
Quoting from that last article "The social impact will be tremendous." I guess most people would react pretty strongly to not having food for themselves and their families.
It's time for the US to get off the silly ethanol binge and produce food. There's profit and goodwill to be had that's worth a lot more than our current military adventures.
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