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Stansberry's Warning
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http://www.stansberryresearch.com/pro/1103PSIEOAVD/PPSIM403/PR

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AP:


Soaring food and energy prices, still-fragile financial systems and continued tensions between the United States and China over trade and currency issues will all be on the agenda at meetings over the next three days of global finance officials.

World Bank President Robert Zoellick said Thursday that food prices are 36 percent higher than they were a year ago and already have pushed 44 million people into poverty. He called on major countries to do more to help poor countries meet the challenge of feeding their populations at a time of surging prices.

Finance ministers and central bank presidents of the Group of 20 major industrial countries were involved in talks that began Thursday on ways to address the food crisis and to better coordinate their economic policies.

Zoellick cited a new World Bank study that showed that another 10 percent increase in global food prices could drive an additional 10 million people into extreme poverty.

That would be in addition to the 44 million people who have been driven into poverty since June because of soaring food prices. The World Bank estimates there are about 1.2 billion people living below the poverty line of $1.25 per day.

"We have to put food first and protect the poor and vulnerable, who spend most of their money on food," Zoellick said at a briefing to preview the upcoming finance meetings.


Those discussions began Thursday with talks first among finance officials of the world's seven wealthiest countries - the United States, Japan, Germany, France, Britain, Canada and Italy. Those countries were joined later by finance officials from the Group of 20 nations, which include not only the traditional economic powers but fast-growing emerging economies, including China, India and Brazil. French Finance Minister Christine Lagarde and U.S. Treasury Secretary Timothy Geithner also led a discussion on how the major economies could provide support in the Middle East and North Africa following a change of governments in Tunisia and Egypt.

See full article from DailyFinance: http://srph.it/fWDZ8d

See full article from DailyFinance: http://srph.it/fWDZ8d

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