Wall Street Journal: "Time for Americans to start stockpiling food."
"What a day for a daydream. What a day for a daydreamin' boy. I'm lost in a day dream. Dreaming 'bout my bundle of....." FOOD!? Good Lord, a few years ago only those crazy Montana Freemen thought like this. Now it's the WSJ.
Remember all the stories just a few years ago about those "crazy" doomsday people who were building bunkers, buying ammunition and stockpiling food and water? Well guess what, the sage wisdom of a wall street reporter suggests that this might not be as crazy as once thought.
"I don't want to alarm anybody, but maybe it's time for Americans to start stockpiling food.
No, this is not a drill.
You've seen the TV footage of food riots in parts of the developing world. Yes, they're a long way away from the U.S. But most foodstuffs operate in a global market. When the cost of wheat soars in Asia, it will do the same here.
Reality: Food prices are already rising here much faster than the returns you are likely to get from keeping your money in a bank or money-market fund. And there are very good reasons to believe prices on the shelves are about to start rising a lot faster.
"Load up the pantry," says Manu Daftary, one of Wall Street's top investors and the manager of the Quaker Strategic Growth mutual fund. "I think prices are going higher. People are too complacent. They think it isn't going to happen here. But I don't know how the food companies can absorb higher costs." (Full disclosure: I am an investor in Quaker Strategic)"
