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Truth is in favor of you and me; for the truth of our enemies whom we have been serving here in the U.S.A. for over 400 years (whom we did not know to be our enemies by nature) is the truth that the Black Man must have knowledge of to be able to keep from falling into the deceiving traps that are being laid by our enemies to catch us in their way which is opposed to the way of righteous of whom we are members. ~ The Honorable Elijah Muhammad

Tuesday, August 21, 2012

US drought will lead to inflation and higher food prices, says report

America's worst drought in half a century will push up inflation and put a fresh obstacle in the path of the struggling global economy, one of the UK's leading banks has warned.

Senior global economist at HSBC, Karen Ward, said sharp rises in the cost of wheat, corn and soya beans came when growth was slowing but said the weakness of wage pressure meant there was no need for central banks to raise interest rates in response to a higher cost of living.

Blistering heat in the US has destroyed 45% of the corn and 35% of the soya bean crop in the worst harvest since 1988. Russia and Ukraine have also had poor crop yields. Ward said higher food prices would result.  | The Guardian

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