THE CHEF FROM HELL

~ All The News That's Fit To Eat ~

What's the buzz this week?  Let's see....

As we continue our coverage of the global food price crisis, there is a lot of finger pointing going on as consumers rage against the high prices they're seeing at the markets.  One of the targets of their ire is the farmers.  Here's a response to that from the Salt Lake Tribune:  "Farmers Don't Reap Benefits From Higher Food Prices --- Today, less than 2 percent of America's population is producing for our nation's and world's food and fiber needs. As consumers, we continue to enjoy high-quality, safe and abundant food at the world's lowest cost. We have been blessed with processed and fresh food products in our corner grocery stores that have traveled an average of 1,200 miles before ultimately reaching our kitchen tables."  Read More...

The recent gaff by President Bush and Secretary of State Rice (i.e. blaming the spike in food prices on India's growing middle class) has naturally angered many folks in India.  From the VOA News site:  "India Rejects Blame For Higher Global Food Prices --- The governing coalition and opposition in India rarely agree on much, but they are united in condemning the American president for saying a growing demand for food grains by India's middle class is partly to blame for the surge in global food prices.  ...Indian experts, citing data from here and from the United States say American per capita food consumption is three to five times that of Indians."  Read More...

How serious is the global food crisis?  Well, when you see the international banking community getting the heebie-jeebies then you know trouble's lurking around the bend -or- as my Uncle Festus used to say, "That ain't good!"  From the International Herald Tribune:  "Central Bankers Warn Global Economy Faces Inflation Risk From Food ---  Europe is facing 'significant' inflation risks as global food prices surge, a trend that has become one of the most serious issues facing global policy makers, top central bankers gathered here said Monday.  ...Economic growth in emerging markets like China, India and Russia has increased demand for commodities, pushing up inflation. The International Monetary Fund has forecast that growth will average 9.3 percent in China this year and 6.8 percent in Russia. World output is estimated at 3.7 percent."  Read More...

While the hysteria mounts there is always the business speculators to consider, eh?  From the AlterNet site:  "Profiteers Squeeze Billions Out of Growing Global Food Crisis --- Giant agribusinesses are enjoying soaring earnings and profits out of the world food crisis which is driving millions of people towards starvation, The Independent on Sunday can reveal. And speculation is helping to drive the prices of basic foodstuffs out of the reach of the hungry.  The prices of wheat, corn and rice have soared over the past year driving the world's poor -- who already spend about 80 per cent of their income on food -- into hunger and destitution.  The World Bank says that 100 million more people are facing severe hunger. Yet some of the world's richest food companies are making record profits. Monsanto last month reported that its net income for the three months up to the end of February this year had more than doubled over the same period in 2007, from $543m (£275m) to $1.12 billion. Its profits increased from $1.44 billion to $2.22 billion."  Read More...

Nutritor Ieiunium