Economist Brands Wheat Price Spike as Food Crisis 2.0

In 2007-2008, food prices soared. 30 countries, including Mozambique, endured food price riots and Russia restricted sales of grain. Now, with soaring wheat prices Mozambique and Russia are at it again. What to do with such price volatility, should countries resort to autarky and grow their own food?

"Unacceptable Face" Subsumes Varley as CEO of Barclays

Last year Diamond made £40m from his job at Barclays, partly through selling asset management for £8bn, to boost capital ratios (e.g. Tier One Capital ratio: ratio of core equity (common stock and reserves) to risk-weighted assets). RWA is the total assets of the bank weighted by credit risk. The BIS (Bank for International Settlements has formulas for setting RWA). Cash has zero risk weighting whereas debentures (corporate medium- to long-term debt) may have 100% risk weighting.

Vince Cable, business secretary of the Liberal democrats, wants universal banking groups like Barclays to be split up. Mandelson described Diamond as the "unacceptable face" of banking. HSBC Chairman, Stephen Green, will leave HSBC in favour of a role as trade minister in the Lib-Lab coalition. His offical tagline will be "boost British exports and attract inward investment".