"The benefit for food prices should not be exaggerated. Russia and Ukraine account for a third of world wheat exports, but these exports are only 7% of world production. And Russia is still exporting its own and also Ukraine's grain.
The 20 million tons of wheat that Joe Biden says is stuck in Ukrainian silos -- 2.5% of world production. So much of the problem in poor countries is actually an aftershock from the lockdowns and the West's fiscal and monetary excursions, with local food prices being hit by the double whammy of inflation plus a strong U.S. dollar. (As Putin girl Friday Dmitry Medvedev keeps tweeting, the West's fiscal and monetary chaos was a factor in Moscow's decision that the time was ripe to challenge the West over Ukraine.)" [1]
1. West Is Lazy on Ukraine Blockade
Jenkins, Holman W; Jr.
Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 29 June 2022: A.15.
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