Wheat futures are at their highest price in two years, which could cause your food bills to spike in the coming months

The price of wheat is at its highest level since August 2008. If prices continue to go up, you could see the price of bread increase by 25% to 30. That means you will be paying as much as 90 cents more for a $3 loaf of bread.

Another Possible Problem?

It seems the futures market is not the only problem that could drive up your food bill. A severe drought is currently hitting Russia, one of the world’s largest grain exporters, causing a wheat shortage that has driven up demand for the grain.

The drought in Russia combined with problems in Canada and Australia, where wheat crops are expected to be significantly smaller this year, is raising alarm bells across the globe.

While so far the U.S. has enough wheat to meet our country’s demand, prices are still expected to rise as we will be forced to ship wheat elsewhere if global demand continues to increase.

With no end to the unemployment problem in sight the government is predicting that the number of people receiving food stamps would climb to over 43 million by years end.

Nasa is warning that the world could face massive widespread blackouts, travel problems and damage to our power grids beginning in 2013.

Why 2013?

Every 22 years the Sun goes through a magnetic energy cycle, in 2013 this cycle will coincide with a time when the number of solar flares will be at its highest level (which happens every 11 years). When these two solar phenomenons combine they will create huge amounts of radiation. Solar flares from the storm may cause huge problems for everyone.

The problems could get so bad that Dr Richard Fisher, a Nasa scientist, warns “the world could face being without power for several months.” While we have no way of knowing how bad the solar storms will get, experts are defiantly starting to make preparation for this rare event.

What would be effected?

If precautions are not taken the storm could wreak havoc on the world’s emergency service systems, power grids could overheat, hospital equipment and other critical electronics systems could be damaged, and major satellites can stop working. Everyday items such as cell phones, computers and other personal electronic devices will also be effected. The devices would be rendered useless should the strength of the magnetic energy reach high enough levels.

How bad could it get?

A couple of years ago The National Academy of Sciences warned that a powerful solar storm could cause “twenty times more economic damage than Hurricane Katrina”. They went on to say that the solar activity could completely knock out power grids, GPS navigation, banking and financial systems, air travel, & radio communications.

If our grid is destroyed as a result of a massive solar storm, the National Academies warns it would cost the country somewhere around $2 trillion in damages and take at least four to 10 years to fully recover from the damage.

Gold Rising as Euro Weakens Spurs More Speculation
Speculators are buying gold faster than the world’s biggest producers can mine it as analysts forecast a 27 percent rally that may extend the longest run of annual gains since at least 1920.

US Plays Down European Crisis but China Worried
The United States suggested Europe’s debt crisis would have minimal impact on global growth, but China took a more pessimistic view, warning it would impact demand for its exports and other regions would suffer too.

One false move in Europe could set off global chain reaction

Food Prices Rise Sharply in April
Led by increases in prices for meat and dairy products, the overall cost food rose in April,  the sixth time food prices have increased in the last seven months.

Don’t Rule Out a Double Dip Recession
In addition to Europe’s woes, we have slower growth in China and a decline in bank lending and the velocity of money in the U.S.

Sure a crazy world we live in when we have to worry about every truck that breaks down.

BREAKING NEWS – Another Bomb Scare in New York

CNN is  reporting that yet again New York is in the middle of what could be another possible terror attack.

They just reported that a man  parked a Uhaul truck  on the RFK Triboro Bridge and then ran from the scene. The Bridge has been shut down and the bomb squad is apparently  rushing to the scene, after reports of a strange gasoline smell coming from the truck came from highway officials.

A police officer saw smoke coming from the SUV at around 6:30 p.m. prompting the closure of the area around Time Square. Reports are slipping out that bomb squad investigators found explosive materials and devices inside the SUV.

FBI agents as part of the Joint Terrorism Task Force are on the scene with the NYPD investigating the situation.

Officials at Accuweather are saying that the jet stream winds are brining plumes  from the Eyjafjall volcano in Iceland to northern Europe and show no signs of letting up until Wednesday.

Experts are also warning that the Ash eruptions could continue for months which may force European air traffic to ground flights for some time to come.