This is a pretty amazing account from one of the traders who was profiled in the new book by Michael Lewis. Greenspan's quotes assure he will be reviled across the land. In fact, Greenspan countered today...

This FT article tells an important story - that the effects of skyrocketing food prices will affect Africa differently than elsewhere. A quote: "Africa has suffered severe famines in the past, including the one in Ethiopia in 1984 that killed more than 1m, but it is the first time the problem is rising prices rather than a lack of food. Because food represents a larger share of what the poorest consumers buy, a global increase in food prices has a bigger impact in Africa than in other emerging areas such as south-east Asia." Lets face it, the EU and the US addicted Africa to super-cheap grain, subsidized by taxpayers, and now that grain costs have risen, developed world farmers are diverting the food to biofuel etc. -- poor ... More »

Interesting that this story is 2 weeks old but most people in our world have no idea that a disaster is looming. This story is stuffed with facts and statistics, admittedly not the most fun reading. But skim it, and you will learn a thing or two about the food economy in action - not to mention a description of Rats Gone Wild ...

As I read this story recaping Robert Zoellick (World Bank President) speech on food crisis, I wondered about Zoellick's loyalties, but want told anything about that. QUOTES & COMMENTS: Zoellick said the World Bank will work with countries, especially in sub-Saharan Africa, to create a "Green Revolution" that will help countries boost productivity and help small farmers break the cycle of poverty. ...Zoellick said his new deal requires a shift away from traditional food aid. He said in many cases, cash or vouchers work better than commodity support in building local food markets and boosting local farm production. COMMENT - When these guys talk about GREEN REVOLUTION, run for cover! The new deal also requires a shift away ... More »

I was happy to see Salon analysing Zoellick's speech, an article about which I reviewed yesterday. I was skeptical of this "republican appartchik" (Salon's description). The articel, though first seems critical but reverses itself, saying he made good points in his speech and ending with a somewhat rousing endorsement. But no proof is given, no other people interviewed, and the context of the reporters comments is non-existent.

The article doesn't look into the psychology of the food-shortage issue in Europe - is there panic-fatigue in wealthy countries? There is also no analysis of the moves towards so-called protectionism, nor any alternatives.

This article shows how wheat, corn and soybean prices are tied together, as well as how the price of oil is affecting them all.

A Canadian newspaper, reporting a warning from the UN

Food shortages are tied to many important issues but rarely covered from a wide enough perspective that the links are clear - this story is.

Count on the Economist to dig deeper than most, in this case about the conundrum over food prices and poor farmers.

One great thing about watching TV news from other countries is that sometimes the sheer volume of coverage takes on its own meaning. Market shocks are like tsunamis in the now globalized world of finance. After they hit, nations recalculate their own position, as can be seen in their national news broadcasts.

Only half this story of a confrontation at sea - the scary part - appeared on most US news outlets. Worse, when Iran released videotape that clarified the situation, prompting the US Navy to re-examine, and ultimately to back off its original accusations, US media read it as yet another denial by those crazy Iranians. With US viewers distracted by the primaries, the net effect was to worsen the tense situation in the Persian Gulf, rather than seek better communications with Iran.

This classic example of Bush administration policy gone wrong is barely covered in US mainstream media (kudos to NBC News, whose piece we use in this episode).