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Politics : View from the Center and Left
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To: Katelew who wrote (61552)4/24/2008 6:36:14 PM
From: Bearcatbob  Read Replies (4) of 542681
 
Kate,

There is a market commentator named Don Coxe. He is a Canadian living in Chicago and is associtaed with BMO Nesbitt Burns. Dons forte is big long term trends. He has been on the commodity boom for years. He has a conference call every Friday in which he updates his views. He also publishes a monthly publication called Basic Points.

Don has been on the possibility of a food crisis for the last few months. His position has been based on declining stocks of grain. Basically, the levels of storage of many grains is minimal and we are one bad harvest away from disaster.

I am sure speculators are playing a role in current pricing - but the heart of the problem is in low supply. The issue of supply and demand is very difficult on this board. I engage Steve on it constantly and no one else shows any interest. High prices are dogma to the left as the result of speculators/hording/evil oil companies - and no facts will ever change the opinion.

Kate, things are not always the result of a conspiracy. They are more likely the result of bad policy. In this case the bad policy is bio fuels - which is a bipartisan disaster for the world.

In addition to biofuels we have millions in the third world moving up the economic ladder - a constant point of Coxe. These people are changing the supply and demand balance.

So - you can blame speculators - or you can recognize the changing demographics of the world.

I urge you not to jump on the typical leftist conspiracy/speculator band wagon of talking points without facts. I urge you to consider a level of analysis beyond the convenient.

Bob
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