Free Republic

Many Ukrainians recall the USSR with warmth and nostalgia, which is not surprising, as it was the time of their youth and prosperity. However, photographs and objective facts show that Soviet life was far from easy and carefree.

For a microcosm of how the war in Ukraine has warped Russia’s economy, look no further than a carton of eggs. The grocery staple has been in short supply in recent months and prices have skyrocketed, prompting Russians from Belgorod to Siberia to form lines reminiscent of Soviet times. President Vladimir Putin has publicly apologized, blaming the egg shock on the government. Last month, a poultry-farm boss known as “the Egg King” survived an assassination attempt shortly after authorities started investigating his farm due to high prices. Behind the soaring price tag—up around 60% in December from a year earlier,...

Biofuel refineries in the US have set fresh records for grain use every month since May. Almost a third of the US corn harvest will be diverted into ethanol for motors this year, or 12pc of the global crop. The world's grain stocks have dropped from four to 2.6 months cover since 2000, despite two bumper harvests in North America. China's inventories are at a 30-year low. Asian rice stocks are near danger level. Yet farm commodities have largely missed out on Bernanke's reflation rally in metals, oil, and everything else. Dylan Grice from Société Générale sees "bargain basement" prices....