Last Tuesday, I reported that commodity price inflation in emerging markets would be on the agenda of participants at the G-20 meetings in Paris. Treasury Secretary Geithner did not disappoint In his closing remarks at the meetings he had this to say:
...the largest emerging market economies are facing the usual pressures associated with strong growth. Inflation is accelerating... rising global commodity prices – including for food and oil – are causing hardship in many parts of the world. The IMF estimates that commodity prices increased 20 to 30 percent in 2010. This has a serious impact on inflation and the living standards of the lowest income groups in emerging markets, where food and fuel tend to comprise a larger share of consumption.
I was curious as to how the elite would find away to turn inflation even more to their advantage. In Geithner's remarks he disclosed the method they will use:
An effective response requires increasing long-term investments in agriculture in low-income countries, through mechanisms such as the Global Agriculture and Food Security Program. This program is designed to raise agricultural productivity and improve rural infrastructure to help farmers connect to markets.
Translation: They are going to force even more debt on the governments of emerging markets, and cause them to buy questionable agricultural equipment from the global elite through this Global Agriculture and Food Security Program. The GAFSP is a World Bank run operation.
Again, I reference Lew Rockwell's interview with John Perkins. If you want to understand how these global enforcer organizations really operate listen to the interview.
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