It’s so obvious even the World Bank can see it

J (the guy behind J’s Notes) reports on the shocking find:

When You Use Food For Fuel There’s Less Food For People

A World Bank report finds that biofuel pushed food prices up around the globe by nearly 75%:

The damning unpublished assessment is based on the most detailed analysis of the crisis so far, carried out by an internationally-respected economist at global financial body.

The figure emphatically contradicts the US government’s claims that plant-derived fuels contribute less than 3% to food-price rises. It will add to pressure on governments in Washington and across Europe, which have turned to plant-derived fuels to reduce emissions of greenhouse gases and reduce their dependence on imported oil.

When you look at corn subsidies (around $7 billion a year for fuel, around $5 billion a year for food), which do you think farmers and industries are more likely to flock to?

Less corn for consumption without a decrease in demand leads to, gasp, higher corn prices! Corn is a staple crop for feeding livestock. Increased costs of corn leads to increased cost of meat leads to increased costs at the supermarket or elsewhere.

Like I said in the headline, it’s so obvious even the World Bank sees it.  The only folks who seem to be missing the boat here are Archer Daniels Midland (for obvious reasons), the state of Iowa (ditto), and (sigh) my Congressman.