Late last month, the executive director of the World Food Programme (WFP) told the Financial Times that the U.N. agency would soon be forced to consider “cutting [its] food rations or even the number of people reached.” This comes as soaring inflation in staple food items such as wheat, corn, rice, and soybeans has produced hunger riots in developing countries and left governments grasping at straws for a solution. Over the past eight years, the price of food worldwide has increased 75 percent; the price of wheat has gone up a dramatic 200 percent. Struggling to keep up with inflation, [...]
The headlong rush in many parts of the world to replace oil with biofuels (ethanol and biodiesel) illustrates how the best of intentions can run afoul of the law of unintended consequences. While positive effects have been elusive — and, in fact, are unlikely with current policies — starvation and malnourishment are becoming worse among the poorest of the poor. The European Union has announced that it wants to replace 10 percent of its oil consumption with biofuels by 2020. President George W. Bush announced last year a goal of replacing 15 percent of domestic gasoline use with biofuels over [...]
MIAMI — A post-Fidel Castro Cuba, led by Fidel’s younger brother Raúl, appears poised to open itself up to limited foreign investment under the close supervision of the communist island’s military, which controls much of the economy, according to experts. The island nation’s energy resources hold particular economic potential. During the last 19 months, in which Raúl Castro has acted as Cuba’s “interim leader,” little has changed for average Cubans, who continue to face shortages of food and basic necessities. However, the 76-year-old brother of Cuba’s long-time “Commandante” has sought new deals with resort developers from Canada and Europe in [...]
