Wake up and smell the Kefaya.
Hmm.. Check out this article over at Breitbart:
World food prices hit record high: UN agency
(Feb 3 08:14 AM US/Eastern)
World food prices reached their highest level ever recorded in January and are set to keep rising for months, the UN food agency said on Thursday, warning that the hardest-hit countries could face turmoil.Rising food prices have been cited among the driving forces behind recent popular revolts in north Africa, including the uprising in Egypt and the toppling of Tunisia’s long-time president Zine El Abidine Ben Ali.
And in its latest survey, the Food and Agriculture Organisation said its index which monitors monthly price changes for a variety of staples averaged 231 points in January — the highest level since records began in 1990.
Dylan Ratigan and Bill Fleckenstein put 2 and 2 together and show that high food prices are correlated with social unrest in the Arab world .. just so Bernanke and Co. can paper over the GIGANTIC fraud perpetrated by the very large banks:
Tyler Durden of Zero Hedge had this to add:
For over a year now, Zero Hedge has been predicting that in its foolhardy attempt of “inflation or bust”, the Fed’s actions would sooner or later lead to mass rioting and possible revolutions as a result of surging and out of control food prices (which are just the peak of the alternative investment pyramid – yes, stunningly free money can go into other things besides stocks).
The problem is that these same people do not realize that to Bernanke (whom we have referred Genocide Ben for precisely this reason) there is no other alternative, and inflation must be achieved no matter how terrible the social cost, or the damage to the monetary system. Regardless, the actions in North Africa are just the start. Commodities will run up far higher, and discontent will sooner or later reach to Asia, and possibly to countries which have nuclear arsenals at their disposal. What happens then is anyone guess.
Oh and there is this fact, which Karl Denninger is good enough to remind us of:
The Egyptian Pound (EGP) has been pegged to the dollar on an effective basis since 2005.
Their compound inflation rate over the last three years is 45%.
That is, the cost of living has risen 45%.
Their per-capita GDP is 1/17th of ours, and hasn’t materially expanded during that time.
Our per-capita GDP is $47,000, which is quite close to median household income (right near $50k.)
Their per-capita GDP is $2,700 (both from the CIA World Factbook.)
Would you like to run the numbers on what a 45% increase in the CPI would do to someone living here with a $2,700 per-capita domestic output (which likely closely approximates household income there too)?
That person would starve…. and maybe riot, eh?
This entry was posted on February 8, 2011 by Deltachron. It was filed under economics, Egypt, Fascism, Finance, Foreign Policy, Politics, Socialism, Uncategorized and was tagged with banking crisis, Ben Bernanke, bill fleckenstein, Dylan Ratigan, Egypt, enough, inflation, Karl Denninger, kefaya, market ticker, msnc, quantitative easing, Tyler Durden, u.n., Zero Hedge.