Monday, March 31, 2008

From pig-jackings to rice rustling

Not since The Hamburglar do I recall such delicious larceny.
I previously noted the soaring price of rice, which shot up by over 30% late last week, and have also introduced the shocking surge in 'pig-jackings' in China where pork has become an increasingly expensive commodity.
Now, The Guardian reports, Asian farmers must beware of rice rustlers. These sneaky grain thieves tip-toe into paddy fields by night and make of with a bag of carbs which will probably have increased in value by the time they make it home to count the grains.
I would crack some class of joke about The Hamburglar's Asian cousin, but this is serious stuff.
In the wake of Egypt's decision not to export its rice, Cambodia has followed suit and Vietnam is cutting exports by 20%. India, Pakistan and China are also hoarding their stock as the global rice market becomes ever more paranoid.
The impact could be immense. The World Food Programme says the hundreds of millions of people living on $1 a day spend 70% of their income on food. If prices double, that simply means they have to eat less.
Restaurants in the Philippines are already considering serving half portions.
People are protesting on the streets of Jakarta and Thai officials are fearing similar unrest.
Beijing is, as usual, saying very little, but the prospect of protests will become very real if the price hikes are passed on by supermarkets this week.
Gripped by a genuine food shortage, people in Asia must be puzzled by the use of the word 'crisis' to describe the current credit crunch that so upsets Wall Street.
If I may (rather inappropriately) invoke Crocodile Dundee: "That's not a crisis...now THAT'S a crisis!"

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