Ending The Crisis
While there was no physical shortage of rice, increasing prices created an panic that supplies could not match demand. This fear was lessened when the United States allowed Japan to export unsold American rice (stockpiled in Japan because of a World Trade Organization decision). As of 16 May, anticipation of the move had already lowered prices by 14% in a single week. Although the rice from Japan was never actually sold or shipped, the world market price continued to fall every month of 2008 thereafter.
Read more about this topic: 2008 Global Rice Shortage
Famous quotes containing the word crisis:
“Most observers of the French Revolution, especially the clever and noble ones, have explained it as a life-threatening and contagious illness. They have remained standing with the symptoms and have interpreted these in manifold and contrary ways. Some have regarded it as a merely local ill. The most ingenious opponents have pressed for castration. They well noticed that this alleged illness is nothing other than the crisis of beginning puberty.”
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