Monday, June 16, 2008

IT'S GETTING INTERESTING


The US is finally catching on to the evils of corn-based ethanol.
AP is reporting that, according to the Estado de S. Paulo newspaper, Republican presidential candidate John McCain has declared his opposition to subsidies for US corn-based ethanol and the protective tariffs against the much more efficient ethanol produced from sugarcane in Brazil. He also says he supports Brazil's proposed inclusion on an expanded United Nations Security Council



Hopefully, Barack Obama will soon join the global chorus against these absurd and terribly damaging subsidies. It's a no-brainer that only the economic advisers of the Bush Administration can miss. They are soft-pedaling this terrible blunder:

"But [according to the same report] White House economic advisers say corn-based ethanol is responsible for just 2 to 3 percent of the overall increase in food prices, which are up more than 40 percent this year over 2007."

McCain's opposition to subsidies for corn ethanol comes at critical moment. The floods in the Midwest have produced a broad threat to crops and it is important that there be no more diversion from food to fuel. This is essential for Americans, Brazilians and the rest of the world, all of which are facing soaring food prices and shortages.




No comments: