Thursday, January 3, 2008

Food Shortage Coming?

A new crisis is emerging, a global food catastrophe that will reach further and be more crippling than anything the world has ever seen. The credit crunch and the reverberations of soaring oil prices around the world will pale in comparison to what is about to transpire, Donald Coxe, global portfolio strategist at BMO Financial Group said at the Empire Club's 14th annual investment outlook in Toronto on Thursday.-Financial Post

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--So what can we do about the food crises? A whole lot. Canada has for a long time imposed supply controls on food products. This has served the purpose of lining the pockets of farmers who were lucky enough to be around when the controls were started (others have to buy a permit). As well as driving up the cost of food for everybody in the country. Given the fact that low-income people spend more of their money on food, a large portion of the burden falls on them. This food shortage would act as great political cover for politicians to do the right thing and drop supply controls in Canada.

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