DeutscheBank Warns Soaring Food Prices Will Lead To Social Unrest
Yesterday, DB's Jim Reid picked that chart as his "Chart of the day", repeating what readers already know, namely that Bloomberg’s agriculture spot index has risen by c.76% year-on-year, noting that "that’s the biggest annual rise in nearly a decade, and there are only a couple of other comparable episodes since the index begins back in 1991."
The DB strategist then goes all-in and says what everyone is thinking, namely that "this trend of higher food prices leading to social unrest extends far back into history and surrounds many key turning points. The French Revolution of 1789, which overthrew the Ancien Régime, came after a succession of poor harvests that led to major rises in food prices. It was a similar story at the time of Europe’s 1848 revolutions too, which followed the failure of potato crops in the 1840s and the associated severe famine in much of Europe. And the 1917 overthrow of the Tsarist regime in Russia took place in the context of food shortages as well."
Source
Yesterday, DB's Jim Reid picked that chart as his "Chart of the day", repeating what readers already know, namely that Bloomberg’s agriculture spot index has risen by c.76% year-on-year, noting that "that’s the biggest annual rise in nearly a decade, and there are only a couple of other comparable episodes since the index begins back in 1991."
The DB strategist then goes all-in and says what everyone is thinking, namely that "this trend of higher food prices leading to social unrest extends far back into history and surrounds many key turning points. The French Revolution of 1789, which overthrew the Ancien Régime, came after a succession of poor harvests that led to major rises in food prices. It was a similar story at the time of Europe’s 1848 revolutions too, which followed the failure of potato crops in the 1840s and the associated severe famine in much of Europe. And the 1917 overthrow of the Tsarist regime in Russia took place in the context of food shortages as well."
Source
Zerohedge
Zerohedge
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