Flood Repercussions: Problems For The Economy and World Food Prices
The terrible flooding in Iowa and other parts of the Midwest could have terrible repercussions on food prices and the economy. That determination still to come. Meanwhile, Bush carried on his grand tour of Europe throughout the flooding disaster. Couldn't miss tea with the queen.
From Reuters: "Hundreds of volunteers on the surging Mississippi River piled sandbags atop strained levees on Tuesday as the worst Midwest flooding in 15 years delivered a blow to the U.S. economy and world food prices.
"U.S. President George W. Bush promised aid to the stricken region, where billions of dollars in farm and business losses in the heart of the U.S. grain belt looked set to increase inflation pressures on prices for food, fuel and other goods.
"But Sen. Robert Byrd, a West Virginia Democrat, said little had been done to prevent flooding and Bush had learned nothing from Hurricane Katrina and other disasters.
" 'President Bush has asserted that investing in America's needs is somehow 'wasteful' and his budget, which does not add one thin dime for a boost in levee funding, reflects this sentiment' Byrd said.
"Corn prices at the Chicago Board of Trade soared above $8 a bushel for the first time on Monday and stayed near there on Tuesday in fears Midwest farmers will not be able to grow anything on as many as 5 million acres.
"The closing of the mid-Mississippi River to barge traffic is costing carriers $1 million or more per day.
"The problems add up to more food inflation for not just U.S. consumers, but also dozens of countries that buy U.S. grain. The United States exports 54 percent of the world's corn, 36 percent of soybeans and 23 percent of wheat."
As flooding brought immediate suffering to residents of the Midwest, and longer term problems for Americans and world consumers, King George took his imperial farewell tour across The Pond.
Senator Byrd had it right: Bush learned nothing from the Katrina catastrophe. But then, his entire presidency has been a complete catastrophe with terrible consequences for this country and its people.
From Reuters: "Hundreds of volunteers on the surging Mississippi River piled sandbags atop strained levees on Tuesday as the worst Midwest flooding in 15 years delivered a blow to the U.S. economy and world food prices.
"U.S. President George W. Bush promised aid to the stricken region, where billions of dollars in farm and business losses in the heart of the U.S. grain belt looked set to increase inflation pressures on prices for food, fuel and other goods.
"But Sen. Robert Byrd, a West Virginia Democrat, said little had been done to prevent flooding and Bush had learned nothing from Hurricane Katrina and other disasters.
" 'President Bush has asserted that investing in America's needs is somehow 'wasteful' and his budget, which does not add one thin dime for a boost in levee funding, reflects this sentiment' Byrd said.
"Corn prices at the Chicago Board of Trade soared above $8 a bushel for the first time on Monday and stayed near there on Tuesday in fears Midwest farmers will not be able to grow anything on as many as 5 million acres.
"The closing of the mid-Mississippi River to barge traffic is costing carriers $1 million or more per day.
"The problems add up to more food inflation for not just U.S. consumers, but also dozens of countries that buy U.S. grain. The United States exports 54 percent of the world's corn, 36 percent of soybeans and 23 percent of wheat."
As flooding brought immediate suffering to residents of the Midwest, and longer term problems for Americans and world consumers, King George took his imperial farewell tour across The Pond.
Senator Byrd had it right: Bush learned nothing from the Katrina catastrophe. But then, his entire presidency has been a complete catastrophe with terrible consequences for this country and its people.
Posted by Kaz at 6/17/2008 2:35 PM 
Categories: Bush, Global Engagement, Bushites, Events and Premieres
Categories: Bush, Global Engagement, Bushites, Events and Premieres
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