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Manufactured Credit "Crisis" Causes Food Shipment Crisis
financialpost.com — "We've got a nightmare in front of us and a lot of people are concerned it's going to get a lot worse," said Anthony Temple, a grain marketing expert based in Vancouver.
2bsbc- 103 diggs
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- roosevans, on 10/09/2008, -0/+17From The Article:
"Before cargoes can be loaded at port, buyers typically must produce proof they are good for the money. But more deals are falling through as sellers decide they don't trust the financial institution named in the buyer's letter of credit, analysts said.
"There's all kinds of stuff stacked up on docks right now that can't be shipped because people can't get letters of credit," said Bill Gary, president of Commodity Information Systems in Oklahoma City. "The problem is not demand, and it's not supply because we have plenty of supply. It's finding anyone who can come up with the credit to buy." - 2bsbc, on 10/09/2008, -1/+15Sugar, rice, coffee, soy beans, OJ, oil, gasoline, corn, oats, hogs, heating oil, propane, copper, lead, zinc, aluminum, steel... You name it, it's going to start experiencing the same problem, if it hasn't started already. This is a major problem.
- JeffersonTrust, on 10/09/2008, -0/+13A good item to hoard for both protein and carbohydrates is whole grain pasta. Barilla makes a really good dried multi grain version. It has as much protein as chicken breast, and tastes better than regular semolina pasta. That is all we use. In a pinch it could even be eaten dry. Buy all on your supermarkets shelves now.
- sheeplescareme, on 10/09/2008, -0/+3thanks. i never have food at my place. i do have a small bar, though. :-p
- JeffersonTrust, on 10/09/2008, -0/+1shout me for nutritional info
- sheeplescareme, on 10/09/2008, -0/+3thanks. i never have food at my place. i do have a small bar, though. :-p
- thrive868, on 10/09/2008, -0/+7Ah, nothing like a little spill-over to add to America's cup of financial calamity.
- wonderchemist, on 10/09/2008, -0/+3So invest in grain futures now?
- Goodanswer, on 10/10/2008, -1/+1*****.
The big guys move in and sweep up all the food and sell it.
They are just trying to scare people into making a run on Grains because they didnt get any Government Money.
And WHO in their right minds would let grain just sit on a dock and rot? Then its no good and they lose money too.
Who would be stingy enough to let hundreds or even tens of thousands of people STARVE to death? NO ONE.
Its just a big scare tactic to get the economy moving again.
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