Andrew Bailey, the current governor of the British central bank, says that he is "helpless" to stop food prices from rising and food from disappearing off grocery store shelves in the coming weeks and months. (Related: Remember when communist China started buying up American corn back in 2020?)
Blaming the war in Ukraine for the crisis, as most politicians and banking stooges are doing, Bailey suggested – and this is a particularly interesting choice of words for biblical prophecy scholars – that governments have "run out of horsemen" to deal with runaway inflation, which is quickly turning into hyperinflation.
Prices are currently rising at the fastest rate in 30 years, which is creating a "very big income shock," he says. And the situation is only expected to worsen moving forward, with double-digit inflation likely coming before the end of 2022.
Bailey told Members of Parliament (MPs) on the Treasury Select Committee that he is increasingly worried about another surge in food costs if Ukraine, the "breadbasket of Europe," is unable to ship wheat, cooking oils and other essentials from its warehouses amid Russian blockades.
"The [risk] I'm going to sound rather apocalyptic about, I guess, is food," Bailey stated.
"Ukraine does have food in store but it can't get it out at the moment. While [the finance minister] was optimistic about crop planting, he said at the moment we have no way of shipping it out as things stand – and it is getting worse."
Bailey went on to discuss that this is a "major worry" not just for the United Kingdom but also for the entire developing world.
"I am by no stretch of the imagination a military strategist, but whatever can be done to help Ukraine get its food out would be a huge contribution," he further stated.
These statements are expected to increase pressure on the Bank of England from Conservative MPs who have expressed outrage that he failed to act sooner on the matter.
The central bank failed to raise interest rates at the proper time last year, which would have helped to stave off the current inflationary climate. It also should have reduced its "quantitative easing" money-printing scheme ages ago, the MPs said.
The Treasury of England is also expected to hold an emergency budget meeting to address the rising cost of living crisis. Rishi Sunak, the Chancellor, decided to raise taxes at a time when incomes were already being squeezed, which worsened an already difficult crisis.
Since much of the Middle East relies on Ukraine for grain and other food staples, that area of the world is also suffering – and is expected to suffer even more severely in the coming weeks and months.
Unless a solution is discovered, and fast, millions, if not billions, of people and their families will starve in the not-too-distant future.
The original goal was to keep inflation in England at a 2 percent target. However, with prices already climbing past 7 percent inflation, along with another expected surge in the coming months, that target is no longer an expectation.
"It is a very, very, more than uncomfortable – I am trying to think of a word that is even more severe than that – it is a very, very difficult place to be," Bailey responded when asked if he feels "helpless" to address the inflationary crisis.
To read more stories about the impending food collapse, visit Hunger.news.
Sources for this article include: