2010 to witness devastating Food Crisis
According to a recent analysis by Eric deCarbonnel from MarketSkeptics.com, “overwhelming, undeniable evidence that the world will run out of food next year”, which will result in “US economic disintegration”.
The report details how the financial crisis which led to the collapse of the real estate market and subsequently the freezing of credit markets has not only hit big corporate giants like Freddie Mac, Fannie Mae, AIG, Bear Sterns, Lehman Brothers and the like, but severely affected global food markets.
Despite the supply and demand situation being completely out of balance, food prices haven’t shot up, says the author. The United States Department of Agriculture (USDA) instead of adjusting production estimates down to reflect decreased productions, adjusted estimates upwards to match increasing demand from China, effectively bringing a balance on paper and temporarily delaying a rise in food prices by ensuring a catastrophe in 2010.