“Millerized” sent this: Russia to halt wheat export. And reader L.L. sent this: Why Russia’s Heatwave Means Higher U.S. Food Prices. I predict this will start a chain reaction, around the globe. Other nations are sure to follow suit with export restrictions, and futures prices will soar. We can expect food riots in the future. There is also some likely inflation in other grain prices, as cattle feed is shifted slightly, to compensate. Get your wheat orders in with a trustworthy vendor pronto, before the inevitable prices increases hit the retail level! Wheat prices could double again, before December.
Jim D. highlighted this astounding news story: U.S. To Train 3,000 Offshore IT Workers. Jim D’s comment: “We borrow money from the Chinese to train Sri Lankan citizens to take our jobs. We’re such idiots.
Charles Hugh Smith spells it out: Why Japan Is Doomed (and the U.S. and E.U., too): Demographics, Low Savings, Ballooning Debt. (A hat tip to David W. for the link.)
Speaking of Japan, reader L.L. forwarded this: Japan’s Cheap Debt Could Cost the World Dearly.
Keith O. suggested this article over at Total Investor: Rising pork bellies prices hit all-time high.
This comes as no surprise: City [of Chicago] bond rating downgraded. Thanks to our own G.G. for the link.