The latest Biden crisis – that may shove baby formula shortages off the front pages is the potential of a much more serious calamity – food shortages. agriculture experts now warn that we only have 10 weeks of wheat stockpiled. Russia’s invasion of Ukraine has taken both its wheat crop and Ukraine’s off the market. Food stockpiles are at their lowest level in 14 years because the two nations make up 12 percent of world wheat and oilseed production.
Bank of England Governor Andrew Bailey warns of “apocalyptic” food price rises as Ukraine has no means of exporting its gain. Secretary of State Antony Blinken says Vladimir Putin is “quite literally holding the world hostage” unless Western sanctions against him are removed.
Putin’s “weaponizing” of food supplies spell disaster for the developing world’s most vulnerable people, and in the U.S. they almost guarantee that inflation will remain stubbornly high or even grow for the rest of this year.
What’s Joe’s plan on this one?