In the “more dire predictions” category, Jim Juback from MSN (moneycentral.msn.com) thinks oil will continue its price rise. He sites geology and geopolitics. I often read his columns and they are quite good on the whole.
He omitted what I believe to be the major cause of this, and other, inflation. Government central banks producing huge quantities of fiat currency.
“While soaring food prices have triggered rioting among the starving millions of the third world, in wealthy Japan they have forced a pampered population to contemplate the shocking possibility of a long-term — perhaps permanent — reduction in the quality and quantity of its food.”
Hard to believe that the rich are worried about their food supply. Why? Because they rely on imports. We all know the folly of depending on imports for oil. Food appears to be another vulnerability.
Perhaps we will realize that globalization of trade is going to pauperize all of us, except the 2 or 3% at the top of the economic pyramid. I don’t hear our Presidential wannabes proposing solutions, do you?