Printing money out of thin air is now starting to hit all American's in the pocketbook. Food prices are projected to double or triple in the near future. I have put together a few pieces to explain the situation we are in below.
Over a year ago, Glenn warned us about who was buying up our debt and what it could mean for our country. President Obama spoke about his proposed federal budget, and in the process made a lot of promises and gave some half truths about not adding to the national debt, but in truth the deficit is and will continue to grow. In order to make real, substantive cuts, Glenn said you have to start tackling entitlements.
USA frustrated over skyrocketing food prices-
The massive protests in Tunisia, Egypt and across the Middle East that toppled two dictatorships in less than a month drew millions into the streets, and they may have started at the kitchen table. Food prices have surpassed 2008 food crisis-levels around the world, and inflationary prices are leading to protests—and contributing to revolutions. Basic staples like corn, wheat, milk and cereal are rising the fastest as the US pushes producers to convert corn crops to ethanol and big Wall Street firms hedge their bets on commodities speculation.
The Ethanol Scam
I don't care what they say, when you subsidize farmers to grow corn for fuel instead of food that does in fact reduce the amount of feed corn available and drives the price of corn up.