Dear God the man’s an idiot

Wheat futures prices – May futures! – have risen 10%. Therefore:

Prices are rising because of consumer panic buying and threats to markets, including the closing of borders and labour shortages.

I have argued for rationing and price controls. The case will become overwhelming soon.

We’re not going to have another wheat harvest before May. So, what do we want to happen? We want people to stop consuming so much wheat. To stop being damn idiots panic buying. So, how do we do that? The price rises.

The system is working. So Snippa decides we need a new one?

Come on people, this was laid out in Wealth of Nations, 244 years ago. How long does it take for the Sage of Ely to grasp an idea?

12 thoughts on “Dear God the man’s an idiot”

  1. “We’re not going to have another wheat harvest before May”: when do the Southern Hemisphere johnnies take their harvest? I assume it’s in by now.

  2. “How long does it take for the Sage of Ely to grasp an idea?”

    If he can’t claim it as his? Eternity….

  3. Bloke in Lower Hutt

    dearieme –
    My entire understanding of economics is gleened from the pages of this very blog so I only just have enough knowledge to acquire of Professor in Practice post at Islington College but I would expect the drought in New Zealand’s wheat growing areas and the bush fire damage in Australia will have caused significantly lower yields in the Southern Hemisphere this year.

    Would that also cause a rise in grain future prices? I genuinely don’t know but surely logic would dictate that less product about now would lead to greater demand for the same product in the short term future?

  4. @Tim W

    Idiot: Ritchie is. I still worry BoJo will capitulate to Left & msm again and introduce price controls and rationing

    Jobsworths enjoying their new powers:

    Morrisons yesterday: 2 store cleaners on door duty:

    Woman hobbles to entrance from disabled bay
    JobW: Go to other door
    W: Why, where?
    J: CV. See that fence? Go to top of car park, round fence, back down then come in through other door
    W: I can’t, I’m disabled
    J: That’s rules

    Woman bursts into tears, hobbles back to car and leaves

    Tesco et al already screwing up: max 3 of each item:
    3 x 2.5L wine boxes OK
    4 x 750ml wine not permitted

    3 x 24 pack 500ml cider OK
    4 X 2L cider not permitted

    I don’t want 3 tubes of toothpaste, but I might want 8 lasagne ready meals to feed shift-work family

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