Courtesy of Jr. Deputy Accountant
…besides the fact that oil is denominated in dollars and our dollars are being diluted on a daily basis by the money-printing maniacs at the Federal Reserve.
I present to you, my second favorite food-based commodity (after bacon pork bellies, of course), corn:
Corn was trading at $3.50 over the summer and is now just under $7. The U.S. government predicts corn reserves this year will be at their lowest level in 15 years due to high demand from China and, presumably, our gas tanks (who came up with that idea?! The cornfield mafia, of course.).
Just wait until these price spikes really hit the grocery store, we haven’t even had time to digest this yet. Must be that global savings glut at work or something, couldn’t possibly have anything to do with all the dollars we pulled out of our as*es.
Worse, look for an ethanol farmer bailout, coming soon to a cornfield near you.
