For many countries a more momentous shock over the past couple of years has been the soaring price of commodities, which politicians have also blamed on financial speculation.
The soaring price of commodities has been partly offset by a capital cost explosion for mining firms, while BHP Billiton's hopes for a takeover have dimmed thanks to concerns that regulators in Europe and Australia could put a stop to the deal, according to Charles Cooper, an analyst at Evolution Securities in London.
Soaring prices of any commodity should normally cause concern and raise a hue and cry.
SALAMANCA, SPAIN — Only a year ago, biofuels were blamed for soaring prices of vital food commodities like corn, wheat, sugar and vegetable oils.
The soaring prices of all sorts of commodities, uncertainty about the broader economy and the low interest rates banks are paying on savings has drawn both companies and investors to precious metals, said Brad Barber, a professor of finance at the University of California Davis.
After the demonstrations were suppressed, the government granted modest salary increases and placed controls on soaring prices of largely imported basic commodities.
Last year's soaring prices of oil and gold the former to over $50 a barrel, the latter to more than $450 an ounce are just the most visible examples of how really exciting commodities can be.The prices of plenty of other commodities have been climbing too.
Among the non-Christians in our class I was the only Brahmin boy, and received special attention; the whole class would turn in my direction when the teacher said that Brahmins claiming to be vegetarians ate fish and meat in secret, in a sneaky way, and were responsible for the soaring price of those commodities.
Nor the soaring price of insurance.
Economists say higher food costs are being caused by rising energy prices, a weak dollar that encourages exports of American crops and food products, and soaring prices for farm commodities like milk, corn and wheat.
