Sunday, August 16, 2009

Canadian Pork

Agriculture Minister Gerry Ritz announced that the federal government's is offering $75 million to struggling pork producers as well as $17 million for marketing pork to consumers. "We need to reduce our current over-supply," he said. Ottawa's combination of loans, buyouts and marketing cash isn't enough for the industry. They had asked for $800 million.

This is another example of latter-day-capitalism: Profits are privatized, losses socialized.