Floods, Fires and the Price of Food

The devastating flooding in Pakistan has destroyed crops and led to a surge in food prices in the country.

It’s good to see that no matter what, the free market economy that allows profiteering from misery is as healthy as ever.

Elsewhere, food supplies have been severely disrupted in China, pushing up prices where the country is battling with its worst flooding in a decade.

At the other extreme, Russia's worst heat-wave on record has parched crops with prices having soared by more than 50% since June..

However, you might be glad to hear that the UN's Food and Agriculture Organization says that fears of a new global food crisis - similar to that of three years ago - are not justified.

That crisis was one that was manufactured by the markets for profit. There was never any shortage at all.