Posted on 02/03/2011 9:44:28 AM PST by mojito
And so the tide rising all commodities keeps coming: rough rice has just passed its December 2009 high and is now at its highest since October 2008. When we predicted on Monday morning that "rice is next", little did we think that it would be up by 11% in 4 days. And with this important resistance level broken, it is smooth sailing to the next two resistance levels of $20 and $24. Of course, Bangladesh will be in flames long before any of those are hit. But a speculator has to eat, right. After all, none of this is Gen Ben's fault.
And for those curious how China is dealing with multi year rice price highs, here is a tip, via Very Vietnam:
Fake Plastic Rice from China
According to the Korean-language “Weekly Hong Kong” (which many Vietnam websites are referencing as well), Singapore media claim that fake rice is being distributed in the Chinese town of Taiyuan, in Shaanxi province. This “rice” is a mix of potatoes, sweet potatoes, and plastic. It is formed by mixing the potatoes and sweet potatoes into the shape of rice grains, then adding industrial synthetic resins. Since the rice does not behave like normal rice, it stays hard even after it has been cooked. Such synthetic resins can also be very harmful if consumed.
(Excerpt) Read more at zerohedge.com ...
Looks like the only safe food to eat these days is dog kibble.
Oh, wait... ;)
Isn’t the ‘age of Obama’, grand?
There’s truly nothing that China won’t counterfeit, forge, copy, steal, lie about, or otherwise defraud.
That’s one way to keep healthcare costs down, eh?
Why should we expect any different from the ‘world community’, with the Pansy in Chief in charge...what’s he going to do when they pull stuff like this, cry all over them?
*ping*
Viagra rice.
Gold jumped $20 at noon today. The other metals are up strongly. Other commodities are not doing anything so not sure what to make of the move in gold and the metals.
PING!!!
NO joke, not kidding.
Fear not GM corn to replace both. /s
Rule #1 - Never trust any food products from China.
China’s been stealing and defrauding way before Obama came into office.
This “rice” is a mix of potatoes, sweet potatoes, and plastic.
Sounds like the ingredients for a Taco Bell burrito.
The end game is to ulitmately make fake chinese.
this must be a cue from China to invest in plastic?
If they could make this a safe food, the benefits would be enormous. Thinking weight loss here.
But their strategic opportunities have never been greater since Barrack came in... They sense, nay, they know, they can now get away with just about anything.
The Department of Commerce Secretary Gary Locke was a paid lobbyist and operative of Chinese (government-owned) companies just prior to taking the job in the Obama cabinet. And since 2008, China's progress towards world currency domination, and holding the US by the gonads via economic power (AKA blackmail) has been undiminished.
I agree with Rule #1. There is doubt the Food Safety Bill, or is it a law now, covers this, unless we are being ordered to import more from China?
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