It is unfortunate that apparently no member of the Financial Crisis Inquiry Commission grew up on a farm that raised hogs. If one had, the commission might have paid more attention to the cannibalistic behaviors of other Wall Street firms…
Cotton prices are real high – if one ignores inflation
Grains and oilseeds are not the only crops with rapidly rising prices. A widely printed wire service story this week noted that cotton hit $1.89 a pound, the highest price since the height of the Civil War. It went on…
Don’t look for quick change, post-revolt
Events in Tunisia and Egypt support an old observation that people are more likely to revolt against an oppressive government when levels of living are getting better than when they are at rock bottom. This phenomenon of a “revolution of…
Price spikes can affect production and usage
Prices send signals. Prices for copper and other mining and agricultural commodities are hitting record levels right now, at least if we don’t adjust for inflation. Such high prices signal consumers to buy less and producers to turn out more.…