A "devastating drought" in North America, we are told, is solely responsible for the price of oats reaching a record high. And Americans, say the powers that be, must prepare to pay more for their breakfast cereal.
Canadian oat fields are said to have suffered an 11-year low in production due to a scorching heat wave and little rain. Much of the American Midwest and West experienced the same.
Most of Canada's oats are exported to the United States, so what this means is that everything from oatmeal to Muesli is likely about to skyrocket in price, making it more difficult for people to be able to afford to eat.
Wall Street is of course profiting immensely on oats futures, which are churning out more fake fiat cash for wealthy speculators who have never met a crisis from which they could not rake in windfall profits.
"... the situation for North American farmers was so dire in the summer that many cut their losses and harvested damaged plants to be sold as feed for animals," reported Bloomberg about the most recent oat harvest.
"What this means for consumers is that dwindling supplies and record-high prices will soon affect foods like cereals, oatmeal, and granola bars, all popular breakfast items," added Zero Hedge.
Krispy Kreme jacks up prices for donuts, claiming ingredient inflation
Inflation on many other food items was already apparent last year when meat and poultry, for instance, started to see markups on store shelves.
Now, many other food items are joining in on the fun as America and every other country tied to debt-based central banking is headed towards a hyperinflationary cliff, which will be the point of no return for the global economy.
According to Randy Strychar, president of Ag Commodity Research and OatInformation.com, many staple breakfast items such as Cheerios rely on the use of oats, which has no substitute.
"You can't make a Cheerio out of barley," he warns.
Thus far, General Mills, the maker of Cheerios, has not announced any price increases for its oat products. The same is true for both Nature's Valley, which makes granola bars and the Quaker Oat Company, which makes oatmeal.
Oatly Group AB, the world's largest producer of oat "milk" dairy substitute, says it has been able to source oats from elsewhere, including the Baltics. Doing this, the company says, has been helpful in mitigating soaring prices for oats here in North America.
Krispy Kreme, Inc., on the other hand, says that soaring costs for flour, butter, milk, oil and sugar are forcing the company to raise prices for donuts, which people should probably not be eating anyway.
Those who will end up suffering most from all this are the working poor, as usual. The wealthy fat cats will continue to milk the system for whatever they can rape and pillage out of it while all of their irresponsible greed fuels inflation even more for the people who are already struggling to make ends meet as it is.
"@ 6.00 per bushel that's only 10 cents per pound for oats," noted one Zero Hedge commenter about how this may not be as big of a crisis as some are making it out to be.
"At my market a 12 ounce box of Cheerios costs $5.05 and contains 7.5 cents worth of oats. The price of oats is basically a rounding error. However, I'm sure General Mills won't let this 'crisis' go to waste and will use these headlines to raise prices."
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