Opinion: (Andrey Milovzorov, from utro.ru): “Saxo Bank predicts that wheat prices will double in 2012. But what will change in the lives of European or Russian consumers if a loaf of bread costs twice as much? Nothing. The average European spends on food 20% of his income, and the average Russian 50%.
“However, there are countries where people spend 90% of their earnings on food. In Somalia, a quarter of a million people could die because of a severe drought. No one hurries to help because it is a market for western farmers.
“Large-scale deliveries of food aid feed a huge army of stock market speculators. The market is not interested in developing agriculture in the starving countries.
“It seems that to change the logic of the markets, we need more serious arguments than a rise of the price of bread in Europe. For example, a mass exodus of refugees from Africa to Europe, who are fleeing from hunger (there may be up to 150 million of them), or food riots that could affect the entire world trade and cut off oil supply to the West.”
My Comment: Mass famine will have unpredictable consequences, and mainly they will force the world to reconsider its disdain for their neighbors and take care of mutual guarantee.