As it turns out, that whole turning food into fuel thing isn't working out so well.
Wheat Price Rises to Record $9 a Bushel on Global Crop Concerns [Bloomberg]
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Posted by joe , Sep 12, 2007 10:27AM
Gold is 720
Oil is 78
Wheat is 9
Dollar hit all time low vs Euro
Definitely a good time to cut rates
Posted by em , Sep 12, 2007 10:40AM
^gold is fundamentally irrelevant and cutting rates is going to hurt the value of the dollar. oil at 78 and what at 9 is not a good argument to cut rates.
Posted by BailoutBernie , Sep 12, 2007 10:48AM
em, I think he was being sarcastic.
Gold, and the dollar are already pricing in a rate cut to some extent, but it will get worse once the cut comes no doubt.
Posted by Walter Cronkite , Sep 12, 2007 10:49AM
Why isn't this posted under "No Shit, Sherlock" or something along those lines?
Posted by , Sep 12, 2007 10:55AM
food as feul ... those dems must be reading Mao's Industrial Policy Planning for Dummies.
Posted by anonymous , Sep 12, 2007 11:00AM
They can always switch to soylent green.
Posted by Charlton Heston , Sep 12, 2007 11:03AM
Soylent Green is PEOPLE!!!!!!! ITS PEOPLE!!!!!
Posted by Just a question , Sep 12, 2007 11:40AM
Would anyone care to explain what would happen if the Fed was to raise interest rates right now?
Posted by PBateman , Sep 12, 2007 12:03PM
You know what else is driving food prices? Our government's decision to pose an import tariff on sugar-based ethanol (even though its more efficient and better for the environment), because its not made in midwest battleground state.
So essentially they're taxing Americans my subsidising a less efficient ethanol and driving up your food prices. Next up: bailing out homeowners who took out piggyback loans and have no equity in their homes.
Gooooooo Government!
Posted by AJ , Sep 12, 2007 12:31PM
I hate politicians sooooo much
Posted by Jon , Sep 12, 2007 1:29PM
FWIW, the inflation adjusted all-time high for wheat is........$45 - in 1917.
The 96 high works back to $10.
Posted by , Sep 12, 2007 2:50PM
...and Wheat closed limit down today a good 50 cents off it's intraday high. Dealbreaker positioning itself to be the new Time Magazine or Sports Illustrated cover curse! Can I have an alert setup next time you point out something being at a record high or low?
Posted by Natural Gas Traders Hall of Fame , Sep 12, 2007 3:03PM
Natural gas price trends tend to lag wheat price trends by about 6 months.....Oh Lordy!
Actually, its neo-con ag folk who want food as fuel....Wall Street is anxious to help them.
The same Dickey Don Plower in Pubic, Iowa, who wants more corn for ethanol production, is the same guy who gives Bush et al a "pass" for not capturing OBL by now. Cut and run? Yes. Dems are going to "cut" neo-con admin folk loose and "run" things right.
Can't do any worse.