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Old 01-03-2008, 09:15 PM
Iggy Dalrymple's Avatar
Iggy Dalrymple Iggy Dalrymple is offline
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Default Forget oil, the new global crisis is food

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Forget oil, the new global crisis is food



BMO strategist Donald Coxe warns credit crunch and soaring oil prices will pale in comparison to looming catastrophe



Alia McMullen, Financial Post Published: Thursday, January 03, 2008

A new crisis is emerging, a global food catastrophe that will reach further and be more crippling than anything the world has ever seen. The credit crunch and the reverberations of soaring oil prices around the world will pale in comparison to what is about to transpire, Donald Coxe, global portfolio strategist at BMO Financial Group said at the Empire Club's 14th annual investment outlook in Toronto on Thursday.

"It's not a matter of if, but when," he warned investors. "It's going to hit this year hard."

The amount of U.S. grain currently stored for following seasons was the lowest on record, relative to consumption, he said. http://www.financialpost.com/story.html?id=213343
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