Food Inflation Riots Around The World
Aug. 26, 2011
The first map is a disturbing illustration of food and inflation riots around the globe in 2011 (updated through Feb. 19) that I came across on Google.
Most of the inflation riots and protests are concentrated in the MENA (Middle East and North Africa) region, but as you can see on the Google map, they are starting to migrate into Europe, as well as China and India.
In the U.S., anemic growth, an ongoing housing depression, high unemployment and two rounds of quantitative easing (QE) probably have laid a pretty solid foundation for a similar riot map if Chairman Bernanke decides to grace us with QE3. I guess we shall find out when he delivers his speech at Jackson Hole on Friday morning, Aug. 16.
Adding to the food inflation riot is the international military action against Libya. It looks like Muammar Qaddafi’s 42-year rule of Libya has finally come to an end. As the rebels put up a $1.7 million bounty on Gaddafi, the mystery of the day is the whereabouts of Gadaffi who’s last known to be still in Tripoli.
Regardless, it might take some time to restore Libya to the pre-NATO state, which undoubtedly would give oil speculators plenty of excuse to drive up oil prices touting the Sweet Libyan Crude shortage myth.