The writing is on the wall. We are headed for a worldwide depression if something isn't done soon. We need to wake up before for its too late:
A third day of riots in the Haitian capital, Port-au-Prince, had by Friday paralyzed the city with looting and violence.
The demonstrations began earlier in the week, in protest against rising food prices, and turned into riots.
The looting has made access to food even more difficult, doing little to ease widespread hunger among Haitians.
[...]There have been riots in Bangladesh, Egypt, Burkina Faso, Mauritania, Mozambique and Senegal. Rising prices have hit poor countries like Peru (and even developed countries like Italy and the United States).
A confluence of problems are driving the problem. They include soaring petroleum prices, which increase the cost of fertilizers, transport and food processing; rising demand for meat and dairy in China and India, resulting in increased costs for grain, used for cattle feed; and the ever-rising demand for raw materials to make biofuels.
As of December, 37 countries faced food crises, and 20 had imposed some sort of food-price controls. The U.N.'s World Food Program says it's facing a $500 million shortfall in funding this year to feed 89 million needy people.
World Bank President Robert Zoellick warned that prices could continue to rise for several years.
"This is not a this-year phenomenon," Zoellick said.
On Friday, the Group of 24 Developing Countries urged advanced nations to step up financial aid to help them deal with the severe impact of higher food and energy prices and the turmoil in global financial markets.
The G-24 said that coordinated international action is needed to prevent the emergence of a larger crisis, and agreed the International Monetary Fund has an important role in responding to the current crisis. They also urged the IMF's sister institution, the World Bank, to increase advice and financial support.
Jean-Claude Masangu-Mulongo, chairman of the G-24 and governor of Congo's central bank, said the world was facing "an unprecedented financial crisis that began ... in the heart of the system, the United States, and is spreading."