Tuesday, May 20, 2008
sky-rocketing oil prices, are merely accelerating a descent into the abyss
On 2 April, World Bank President Robert Zoellick told a meeting in Washington that there are 33 countries where price hikes could cause widespread social unrest. The UN World Food Programme called the crisis the silent tsunami, with wheat prices almost doubling in the past year alone, and stocks falling to the lowest level since the perilous post-WWII days. One billion people live on less than $1 a day. Some 850 million are starving. Meanwhile, world food production increased a mere 1 per cent in 2006, and, with increasing amounts of output going to biofuels, per capita consumption is declining.