The Rice Price Spike of 2007-2008 (Optional)


In 2012 another wave of food price spikes has been hitting the world.  Here is what happened last time, and why it may well happen again.


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There are a few glitches like this one.

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Actually Japan did engage in import restrictions and the U.S. brought a WTO case against them for it that resulted in them being required to purchase U.S. rice which they refuse to give to their citizens so they created a strategic rice reserve which is how we got out of the global crises that wasn't. Check out Planet Money on NPR for a more in depth report.

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