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    Repiglican Roast

    A spirited discussion of public policy and current issues

    Name:
    Location: The mouth of being

    I'm furious about my squandered nation.

    Monday, June 23, 2008

    Commodity Traders thrilled by Hunger

    [...]

    SUDDENLY everyone is calling it the Perfect Storm. From the futures traders in Chicago to the economists at Stanford University - even TV talkshow hosts - it's the term of the moment.

    And they're not just talking about the flooding crisis in the Midwest of America, although all eyes are on the peaking Mississippi River to see whether the levees will hold.

    They are referring to the once-in-a-lifetime confluence of market and climate forces that has led to the present global economic tsunami. It's the phenomenon that began as the US subprime mortgage crisis last August, turned into the worst credit crisis since the Great Depression in January, and has grown into a worldwide energy and food price crisis that is fuelling inflation panic.

    But while Wall Street is plummeting amid fears of further banking losses, the Chicago futures market is booming. Veteran traders and analysts say they have never experienced anything like the present market conditions in agricultural commodities.

    [...]

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