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The monetary system will burn up the world’s food supply for fuel until the marginal individual about to starve to death has enough political influence to stop the process.
I’m pretty sure that’s not the millionth one to die of starvation. And probably not the ten millionth.
As more and more acreage goes to biofuels, expect the real price of food to continue to rise.
(AFP) Brazilian President Luiz Inacio Lula da Silva and his Indonesian counterpart pledged cooperation on biofuels during talks here Saturday in a bid to take advantage of surging oil prices.
Lula and President Susilo Bambang Yudhoyono signed off on an agreement to share knowledge on biofuel technology after meeting at Jakarta’s presidential palace.
The Brazilian leader called spiralling global commodity prices a “great opportunity” for developing countries such as Indonesia and Brazil, both of which are major producers of biofuel.
“The developing countries that have the characteristics that Indonesia and Brazil have should not analyse this crisis as only a problem. We have to see this moment as a great opportunity,” Lula said.
“We have land, we have sunlight, we have water resources, we have technology and, thanks to God, the poor of the world have started to eat more, three meals a day, so they will demand more food production.”
The two leaders signed memoranda of understanding that would see the countries exchange experts and students to share knowledge on biofuels. Yudhoyono will also make an official visit to Brazil in November.
“In the energy sector, both countries are cooperating in the field of alternative energy. Brazil has succeeded in developing bio-ethanol and Indonesia can learn from Brazil to develop bio-ethanol,” Yudhoyono said.