Twin crises of finance and food

As world leaders struggle to halt the crisis spreading across the global financial markets, analysts and economists are attempting to gauge the magnitude of this meltdown. Will it rival or surpass the Great Depression of the 1930s, the Black October of 1987 or the Asian Economic Crisis of 1997?

In fact, it has the potential to be far worse, and the reasons are high food prices and food shortages, and the steady erosion of agriculture and rural economies. Food availability and affordability are the bedrocks of any society.

During the Great Depression, Black October and the Asian Economic Crisis, food prices were at historic lows. No matter how dire the situation, food was still plentiful and cheap. Today, the story is different. Food is in shorter supply; prices have been steadily climbing since 2001, and have escalated dramatically since 2006.