Monday, August 15, 2022

"People Are Going To Go Absolutely Insane When Food Prices Double Or Triple From Current Levels"

Full screen recommended.
"People Are Going To Go Absolutely Insane 
When Food Prices Double Or Triple From Current Levels"
by Epic Economist

"If you think people are angry right now, just wait until food prices explode to levels that hardly anyone ever anticipated. The perfect storm of events is creating a completely nightmarish scenario for food production in 2022, which means that food supply chains will be facing immense stress in 2023. Most people don’t even know this, but we’re still consuming the food that was grown last year, and given that far less food than originally projected is being grown right now, soon executives, grocers, consumers, and authorities will start realizing that there isn’t enough food supplies to feed everyone. Devastating droughts are still destroying millions of acres of crops in the United States, and geopolitical conflicts are greatly restricting the flow of agricultural goods around the globe.

Tens of millions of Americans are already working as hard as they possibly can just to pay the bills each month. With over 60% of the population living paycheck to paycheck, it’s safe to say that the vast majority of the country is financially struggling to make ends meet. That’s precisely why the soaring price of food is such a big deal. Unfortunately, the truth is that we haven’t seen the worst of food inflation yet. What we are seeing at the grocery store right now is mainly a reflection of what happened in 2021, we haven’t felt the impact of the widespread crop failures and other disasters that hit U.S. food production in 2022 just yet.

One recent example that illustrates how the food supply chain works is the current potato shortage happening in Idaho. If you haven’t heard about it already or noticed fewer and fewer potatoes in your grocery store’s produce section, you will soon. This shortage was caused by a ravaging heat wave that happened last summer.

Before the 2022 harvest comes into the pipeline - it’s just now beginning, - consumers are facing the shortage from last year's crop. This means that the crop failures of 2022 are going to be felt very keenly in 2023. According to the U.S. Drought Monitor, nearly half of the nation is experiencing some level of drought at this moment, with meteorologists saying that the ongoing megadrought in the Southwest is the worst in 1,200 years.

On top of that, farmers are paying the most expensive prices for fertilizers ever record. The American Farm Bureau revealed that some fertilizers spiked over 300% since 2020. Fertilizer is essential for crops. Without fertilizer, plants may not get the nourishment they need to result in the yields necessary to meet global demand. Researchers at the International Fertilizer Association say that we would only be able to feed about half of the global population without fertilizer. For that reason, farmers are finding themselves forced to pass some of those costs along to customers, which is going to contribute to even higher grocery prices.

When we start feeling those cost increases being passed along to us in 2023, a lot of people are going to be pushed over the edge. We have to admit that we’ve got a colossal mess on our hands. And conditions are set to worsen dramatically in the months ahead. As things deteriorate, a lot of people out there are going to go completely insane. The U.S. population is becoming hopeless and infuriated with this situation, and people are rapidly reaching a snapping point."
If they'll do this over a TV, what happens where there's no food?

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