at the sorry end of fiat money inflation, all parts of socio-econo-industrial-agriculture lattice gets corroded and falls apart. we are only at the very beginning of the tale that has 7-15 more years to run.
in the mean time, just in in-tray, more drama
From: B
Sent: Wednesday, December 7, 2011 11:53 PM
Subject: Re: Real Estate and the Rule of Law
Leverage:
bloomberg.com
On Wednesday, December 7, 2011, B wrote:
> Corzoned:
>
> reuters.com
>
> MF Global fallout delays U.S. farm seed, land deals | Reuters
>
> By Tom Polansek
>
> CHICAGO | Tue Dec 6, 2011 12:49pm EST
>
> (Reuters) - For the first time in 25 years, Minnesota farmer Dean Tofteland has missed his deadline to buy seed for next spring's corn and soybean crops.
>
> With $200,000 of his money yet to be returned from the accounts of MF Global, his former broker, the 49-year-old farmer has missed a $5,000 discount for early buyers, and is watching friends and neighbors snap up the best varieties of seeds.
>
> In the latest sign of how MF Global's failure is continuing to cascade across the commodity industry, Tofteland and other farmers who have yet to recover more than a third of their money from the bankrupt broker now find themselves in a cash crunch that risks rippling far beyond the futures market.
>
> Some farmers have had to postpone purchases of land or equipment. Tofteland still expects to sow his 1,000 acres in the southwest corner of the state, but may have to borrow money to do so.
>
> Still, the delay in returning billions of dollars in customer funds more than a month after MF Global filed for bankruptcy is starting to affect actual decisions on the farm. This threatens to cloud the outlook for U.S. crops, warn farmers who have been ratcheting up pressure on the bankruptcy trustee to move faster to disperse any cash he secures.
>
> "That's pretty serious when you're raising food for the country and the world," Tofteland said.
>
> For most farmers, the fact that their broker may have taken as much as $1.2 billion of customer money for its own use is bad enough. But the seasonal business of farming is now being disrupted since regulators still can't account for the missing funds, or even agree how big the hole is.
>
> <snip> |
