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| In 1973, beans topped out at just under $13. I heard "beans in the teens" for the first time. They never made $13 because when Japan was willing to pay that price, the USA stopped exports to them. At that point, Japan started investing $ in South America to give them another option in providing a dependable supply. Beans dropped back down to $5-$8 and So. American production steadily increased (lots of cheap land and labor).
Right now, $150 billion would buy all of the corn, soybeans and wheat in the US. I dont't think Bernanke is worried much about grains inflating. | |
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An economic question and your thoughts.
