EGYPT AND THE GROWING PROBLEM OF GLOBAL INFLATION. “So the next time someone tells you that the US Dollar and the policy that backs it doesn’t matter to the price of the Number One food staple for 3 billion of the world’s people (rice), forward them the math. Risk managers like me wouldn’t be perpetuating higher food prices by trading them with a bullish bias if we didn’t fully expect American policy makers to let its currency burn.”

UPDATE: Reader Stu Wagner emails:

Isn’t this an intelligence failure on the magnitude of WMD in Iraq? The French, Germans, Russians, Egyptians (especially the Egyptians!), and our CIA, all got it wrong. The difference being that as a result, Bush emancipated a country. Here, Obama may lose one. I’m waiting for this story on the cover of the NYT.

“Waiting” being the operative term.