World commodity prices have begun to fall, sharply in some cases of which metals and food commodities are the most prominent. Examples given by Markets Insider July 9 are the copper price, which has dropped by more than 20% from May; corn, which has fallen by about 30% in price since May; soybeans, down about 15%; and wheat, down about 35%. Energy and wholesale electricity prices are the definite exception due to the NATO war and sanctions on Russia and the “green strategy of tension” being waged by U.S. and European governments against their own populations to compel them to stop using fossil fuels, produce less food, use less energy. But for commodities otherwise, the same sanctions’ destruction of liquidity and demand in their markets has set off a deflationary process. A serious recession, which was just this spring being confidently viewed by business economists as possible in “late 2023 or 2024,” is now hitting “global NATO,” and much worse is spreading in the developing sector.
There is no chance this will immediately affect runaway consumer-price inflation, because the monster sanctions have given the trans-Atlantic countries and many developing nations extreme shortages and breakdowns in physical-economic production and distribution.
