Bruce Krasting is an ex-Wall Streeter who publishes a blog and is a frquent contributor to Zero Hedge. The below is the last part of his latest piece. The piece is about food costs. Does he sound angry about anyone?
"It’s old news that China and the other big/fast growing populations are consuming an ever-increasing amount of the world's supply. But these numbers are scary big. If the underlying trends continue(why would they not?) then we are headed into supply problems that can only mean rapidly rising prices.
This conclusion gets back to the beginning. Food inflation in America is running today at 5+%. The USDA says the inflation will moderate next year. This is more government hopium. I’ll take the “over” on their numbers. In my view rapid increases over the next decade are baked in the cake.
The most regressive economic consequence is for food inflation to take place. We have 45mm Americans on food stamps and tens of millions of others on the edge. I find it ironic that the Federal Reserve excludes food inflation when setting monetary policy. While the Fed can’t be blamed for rising food costs, they are most certainly stoking the fires.
Bernanke has said he wants to contain inflation (excluding food and energy) at less than 2%. Food inflation is running at double his target. Possibly Ben needs a new Mandate."