{"id":57183,"date":"2021-03-19T07:37:21","date_gmt":"2021-03-19T12:37:21","guid":{"rendered":"https:\/\/olduvai.ca\/?p=57183"},"modified":"2021-03-19T08:35:10","modified_gmt":"2021-03-19T13:35:10","slug":"on-the-verge-of-a-global-crisis-one-bank-warns-of-a-biblical-surge-in-food-prices-2","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=57183","title":{"rendered":"On The Verge Of A Global Crisis: One Bank Warns Of A &#8220;Biblical&#8221; Surge In Food Prices"},"content":{"rendered":"<header class=\"ArticleFull_header__11o5_\">\n<h3 class=\"ArticleFull_title__2cUI6\"><a href=\"https:\/\/www.zerohedge.com\/markets\/verge-global-food-crisis-one-bank-warns-biblical-rally-food-prices\">On The Verge Of A Global Crisis: One Bank Warns Of A &#8220;Biblical&#8221; Surge In Food Prices<\/a><\/h3>\n<footer class=\"ArticleFull_headerFooter__2Nt6Y\"><\/footer>\n<\/header>\n<div class=\"NodeContent_mainContent__38L44\">\n<div class=\"NodeContent_body__2clki NodeBody_container__1M6aJ\">\n<p><u><strong>Biblical, Lean, and Mean: &#8216;Dreams&#8217; of an agri-commodity super-cycle<\/strong><\/u><\/p>\n<blockquote><p><em>Then Pharaoh said to Joseph: \u201cBehold, in my dream I stood on the bank of the river. Suddenly seven cows came up out of the river, fine looking and fat; and they fed in the meadow. Then behold, seven other cows came up after them, poor and very ugly and gaunt, such ugliness as I have never seen in all the land of Egypt. And the gaunt and ugly cows ate up the first seven, the fat cows. When they had eaten them up, no one would have known that they had eaten them, for they were just as ugly as at the beginning. So I awoke.\u201d<\/em><\/p>\n<p>&#8211; Genesis 41:17-21<\/p><\/blockquote>\n<p><strong>Summary<\/strong><\/p>\n<ul>\n<li>Key feed and food prices have been pulled to 9-month and 7-year highs<\/li>\n<li>We explore the \u2018dream\u2019 of Biblical scarcity; its origins and impacts; and draw comparisons with Joseph, the trader and central planner who avoided starvation for ancient Egypt<\/li>\n<li>One point is clear: global food insecurity falls heaviest on lower income, importing nations, who spend a far greater share of their income on food than the richer ones<\/li>\n<li>The Fed would play an ironic role in this process even as it embraces fighting poverty and inequality alongside inflation<\/li>\n<li>This could exacerbate (geo)political risk \u2013 potentially even regarding institutional architecture<\/li>\n<\/ul>\n<p><strong>Our Base Commodity Call<\/strong><\/p>\n<p>At time of writing, our forecasts for three of the world\u2019s key agri commodities, soybeans, corn, and wheat are as follows:<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/commodity%20call.jpg?itok=MNpEnoS3\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/commodity%20call.jpg?itok=MNpEnoS3\" data-link-option=\"0\"><picture><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/commodity%20call.jpg?itok=MNpEnoS3\" alt=\"\" width=\"500\" height=\"256\" data-entity-type=\"file\" data-entity-uuid=\"9aa273a9-29d2-4c3c-9ac3-1d41ae25abba\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><strong>The First Big Commodity Call<\/strong><\/p>\n<p>In the Bible, Joseph interpreted Pharaoh\u2019s dream as meaning great abundance for seven years would be followed by an equal famine. He was then entrusted with ensuring Egypt\u2019s storehouses were full of grain so the country could survive \u2013 which he, and it, did.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<h3><\/h3>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On The Verge Of A Global Crisis: One Bank Warns Of A &#8220;Biblical&#8221; Surge In Food Prices Biblical, Lean, and Mean: &#8216;Dreams&#8217; of an agri-commodity super-cycle Then Pharaoh said to Joseph: \u201cBehold, in my dream I stood on the bank of the river. Suddenly seven cows came up out of the river, fine looking and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,4],"tags":[151,319,322,24135,31059,24136,690,4318],"class_list":["post-57183","post","type-post","status-publish","format-standard","hentry","category-economics","category-environment","tag-commodities","tag-food","tag-food-prices","tag-michael-every","tag-michael-magdovitz","tag-rabobank","tag-risk","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57183"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57183\/revisions"}],"predecessor-version":[{"id":57189,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57183\/revisions\/57189"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}