Thursday, December 24, 2015

Cotton Humor from Chris Clayton

You have to know the background but this is from Chris Clayton's (tongue in cheek) 2016 Policy Outlook:
Cotton planting increases from 8.5 million acres to 16 million acres thanks to commodity certificates and USDA designating cottonseed as an oilseed eligible for PLC payments. The U.S. also files its annual report assuring the World Trade Organization that none of its commodity programs are market-distorting.

1 comment:

DavidLJ said...

Sure doesn't get more tongue-in-cheek than pointing to a claim that price supports are not market distorting.

Always worth remembering that the guy who put them into place was Ezra Taft Benson, who denounced them, accurately, as "socialism." Ike replied yes, mumble, family farm, or words to that effect.

Yer oddity of the day, little-known fact: the biggest event in the history of King Cotton was the Frisch Process, for the production of ammonia. This meant you didn't need cotton to make gun-cotton at the rate of 14 pounds for every artillery shell made, whether fired or not. Dynamite, gelignite, and the road to C-4 and suchlike was under way.

German chemistry, not the civil war, was the economic determinant of the post-WWI American South.