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:
“The easiest period in a crisis situation is actually the battle itself. The most difficult is the period of indecision—whether to fight or run away. And the most dangerous period is the aftermath. It is then, with all his resources spent and his guard down, that an individual must watch out for dulled reactions and faulty judgment.”
—Richard M. Nixon (1913–1995)