It’s Wednesday and some short items that caught my interest over the last week. The FAO’s latest – Food Price Index – shows that even though food prices fell 8.6 per cent from June (to August), “the fourth consecutive monthly decline”, they are still massive inflated (13.1 per cent higher than August 2020) and the “world’s top four grain traders” are profiting from record sales in the face of supply disruptions. The World Food Program informs us that 345 million people are enduring ‘acute food insecurity’ which is nearly 3 times the pre-pandemic number. The system is not working and I have some things to say about that below. Further, latest PMI data from Europe shows that price pressures are declining, which brings into question those (with vested interests) calling for even higher interest rates. And then some music....Bill Mitchell – billy blog
It all adds up to the conclusion that system change is required not progressive tinkering
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
3 comments:
System change would involve changing the nature of money.
Russia is trying to corner the wheat export market by taking Ukraine…
Together they control 32% of global wheat exports they are going to take Ukraine and control that 32% themselves… they become the swing producer..
Then hold the food supply of wheat over MENA for political purposes…
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