WSJ.com: "The global surge in food and energy prices is being driven primarily by fundamental market conditions, rather than an investment bubble, say the majority of economists in the latest Wall Street Journal forecasting survey."
If you spend a little time trying to understand the dynamics of our population and the mechanics of our consumer culture you will have no trouble accepting this conclusion. We are beginning to test the limits of our ability to extract increasing quantities of raw materials from our planet. These limits relate to the primary capability of extraction, the secondary ability to convert the raw materials to usable forms (including provision of infrastructure) and the tertiary ability to deal with the negative ramifications of the raw material's use (global warming). These limits can only be avoided by reducing population or reducing the individual consumption of a vast majority of the population. As far as I know, there are no known political means to accomplish either of these effects. That leaves the natural method. It will probably start with rising prices for raw materials and products that critically depend on their use. I would guess that would be oil and food.
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