Free Republic

Andrew Bailey said he has “run out of horsemen” when counting the shocks facing Britain, with runaway energy and food costs driven by global market forces beyond his control. Prices are rising at the fastest rate in 30 years, creating a “very big income shock” that is expected to intensify in coming months with a risk of double-digit inflation before the end of the year. Mr Bailey told MPs on the Treasury Select Committee that he is increasingly concerned about a further surge in food costs if Ukraine, a major crop grower, is unable to ship wheat and cooking oils...

The ethanol industry, until recently a golden child that got favorable treatment from Washington, is facing a critical decision on its future. Gov. Rick Perry of Texas is asking the Environmental Protection Agency to temporarily waive regulations requiring the oil industry to blend ever-increasing amounts of ethanol into gasoline. A decision is expected in the next few weeks. Mr. Perry says the billions of bushels of corn being used to produce all that mandated ethanol would be better suited as livestock feed than as fuel. Feed prices have soared in the last two years as fuel has begun competing with...

On June 3, 1804, Richard Cobden was born. Nicknamed the "Apostle of Free Trade," he spearheaded the campaign against the protectionist English Corn Laws, leading to their repeal in 1846, which then spread to the liberalization of trade throughout much of Europe. His role was so great that it has been said the free market owes its existence to him. Cobden saw that free trade was the key to material prosperity, as evidenced by England's economic growth and rise to world leadership in virtually all aspects of trade—finance, insurance, shipping, etc.—after the Corn Law repeal. But more than prosperity, Cobden...