Riveting newsletter that summarizes the underlying causes of oil and Food inflation. Some tidbits: China’s energy use is growing 5% faster than GDP – their energy efficiency (GDP/BTU) is getting worse, not better. Japan consumes 10x the protein they did 50 years ago – what about China? American farmers 3x as efficient as the Russians and Russia plants 12% less land than 10 years ago. Conclusion: Emerging markets have deadly exposure to a double whammy of inflation due to Energy and Food, and lack the ability to deal with it.