U.S. Government Warns: High Food Prices To Hit Americans Hard…(Ya’ Think?!)

Wednesday, August 8, 2012
By Paul Martin

By Terry Weiss
Money Morning.com

Nearly 60% of all U.S. farmland has now been devastated by the drought gripping the Midwest. As a result, according to U.S. Secretary of Agriculture Tom Vilsack, household grocery expenses are set to swell nationwide.

Consumers are already paying record prices for beef, chicken and pork. But corn prices are soaring, too – up nearly 50% over the last six weeks – as crops continue to shrivel in what is officially the largest U.S. drought on record. Wheat prices are also up 50%.

A wet August would not improve the harvest, or prices.

According to global economic trend forecaster Chris Martenson, a former VP of a Fortune 300 company, the surge in food prices is not temporary.

“We’ve uncovered a catastrophic pattern in our nation’s food system,” Martenson said, “one we believe could soon hasten a world food crisis -a chain of events that could lead to massive food inflation, even riots.”

Martenson’s research is garnering widespread attention this month, after appearing in a newly released documentary.

His findings reveal that this catastrophic pattern is not limited to food prices…

The Rest…HERE

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