Be Careful What You Wish For

A lot of Keynesians have called for higher inflation. Now it seems that their wish will be granted as a drought hits large parts of the U.S. Midwest. This will not only raise food prices in America, but globally as well because the U.S. is usually a big net exporter of various crops like corn and soybeans, but with such low crops it may not be able to export much, reducing global supply of it, thus raising prices.