There is no shortage of corn for U.S. consumption. Each year the U.S. exports several hundred thousand tons of corn. What this means is that when you buy a box of corn flakes you're competing with the Chinese as well as the ethanol producers.
Americans seem not to understand that they are paying for their Chinese Nikes and apple juice with their corn crop.
Oh, so now even exports are bad?
Look. Some 40% of the corn crop goes to ethanol production. It makes a huge difference in the price of food -- exports to China notwithstanding.
posted on 08/17/2012 3:31:22 PM PDT
(Without economic freedom, no other form of freedom can have material meaning.)
Keep yer pants on there, guy. Who said anything about exports being good or bad?
I’ll share this simple truth with you: Imports have to be paid for with exports.
But idea of converting a large percentage of the corn crop to fuel is nutz to me as it forces the price of all food stuffs up and up.
posted on 08/17/2012 4:18:06 PM PDT
(You don't have to be brilliant, not being stupid is enough.)
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