By Reenita Malhotra •
February 17, 2009
While the U.S. is fretting and fuming, Japan seems to have its own share of problems. The Japanese economy has been relatively insulated from the collapse of the U.S. credit and housing markets that precipitated the global crisis but the truth is that it faces its worst economic crisis since World War Two.
Nothing could be as much a mirror of poor people’s food plight today as Thai farmers reportedly conducting armed vigils in their rice fields at night to prevent thieves from reaping the crop.
As a measure against nocturnal rice thefts, Thai authorities introduced a six o’clock p.m. curfew on combine harvesters, vehicles used to harvest the crop.
In Thailand, as in many parts of Asia, the price of rice has gone up dramatically in recent months tempting greedy and corrupt dealers to use any means available to get a hold of the pricey grain for either sell or hoarding. In fact, the hoarding of rice has been blamed for the price spirals forcing governments to impose buying rations.
According to the Asia Development Bank (ADB), approximately 1 billion Asians need assistance to cope with soaring food prices and shortages.
The purchasing power of many of Asia’s poor has been seriously eroded reversing previous gains made in fighting poverty.
The International Herald Tribune describes rice, a staple food for half of the global population, as one of the “world’s most politically fragile crop.”