Meanwhile, Tyson Foods -- one of the world's largest food producers -- issued a warning of their own. They may have to spend a billion dollars more than last year just to keep up with skyrocketing chicken feed. Tyson CEO Richard Bond is calling on the US government to change its ethanol policy to bring down the cost of corn. "Higher food costs is only one of the many unintended consequences" of price supports for ethanol, he says. He also warns that it's going to get worse: Current prices haven't yet caught up with the added costs of producing food, so you can look forward to even higher prices.
Let me give you all a prediction: The real fallout from the "global food crisis" will never be laid at the doorstep of those responsible. When tens of millions needlessly died from malaria after DDT was banned -- due to flawed research from environmentalists wackos and stupid "activists" -- nobody was ever held to account. Likewise, those responsible for liberal junk-science environmental policies behind this food crisis will never be held to account. (Well, they will by us, but not by the Drive-Bys.) Instead, while ignoring the deaths, the turmoil, and the worldwide calamities they cause (like Dick Durbin and Algore), they'll simply demand more money... to "fix" the problem they created.
Read the Background Material on the Morning Update...
• Reuters: Senators Call for More Global Food Aid
• AP: Tyson Foods Reports $5M Loss for 2Q