cost of food
"The New England Complex Systems Institute, [which has] developed a quantitative model able to very closely predicted the FAO’s food price index, released a new report predicting sharply higher food prices due in part to excessive speculation.
"Their model, originally released in September 2011 matched the FAO’s index from 2004 to 2011. Since then it has continued to closely follow the real world numbers.
"Unfortunately, the model now predicts, 'another speculative bubble starting by the end of 2012 and causing food prices to rise even higher than recent peaks.'
"While the researchers acknowledge that the drought in the Midwest U.S. will cause prices to rise, their model shows that excessive speculative activity will have an even larger effect. Though some key financial reforms passed in 2010 may finally begin to be implemented in early 2013, that may be too late to avoid the coming price bubble."
Read the rest of the article here.
In the face of state and federal budget cuts, many of us have been fasting and contemplating the question: "What would Jesus cut?" In light of tax day, however, we might equally contemplate: "What would Jesus tax?"
After all, a great deal of our budgetary stress is the result of declining revenue, thanks to the economic downturn and decades of tax cuts.
A new report that I co-authored, "Unnecessary Austerity," argues that before we make draconian budget cuts at the federal and state level, we should reverse huge tax cuts for the wealthy and tax dodging corporations.
The Jesus I know would be concerned about the extreme inequalities of wealth and power that have emerged in our communities. He would rail against principalities and powers that rig the tax rules so the privileged pay less.
He would lament the destruction of God's creation through excessive consumption and pollution. And, he would be alarmed about financial and commodity speculation driving up the cost of food and worsening hunger. (In today's world of high finance, someone would be hedging investments on how quickly Jesus could multiply loaves and fishes.)