“If we have bad crops, it’s going to be a wild ride. There’s no cushion.” Joseph Glauber, Chief Economist, US Department of Agriculture. How much wilder can it get? Food riots consumed two dozen countries this year… Supplies of most key food commodities at lowest levels in decades.

The weather has not cooperated, alas. Too much land in the US – THE major food exporter - is waterlogged... Australian drought extended. Torrential rains in China have led to an acceleration of harvests. Enterprising farmers take it on the chin: “He is sucking my blood,” says Thai farmer in NY Times about landlord tripling rent to allow planting of second crop. US will have no rice to export this year, after Arkansas rice crop is coming up short.

Are you doing your part? You bet! US productivity rose more than expected in Q1 ‘08—up 3.3%, quickest pace in 4 years. This, as worker hours are cut… That means “lower unit costs”, the most magical phrase on Wall Street.

But beware Big Capital! Unions are going global? United Steelworkers of US and counterpart in UK, United, are creating first transatlantic labor organization... 3 million strong.

Staggering Q2 losses at Lehman Bros. ––$2.8 billion. And more: questions remain about how it values assets that are difficult to trade—mortgages and private equity. Venerable Lehman was founded in 1850 as an Alabama cotton trader. CEO Richard Fuld,., said two months ago, ‘worst is over’... Was he kidding? Fuld made $40 million in 2007…. water under the bridge…

Florida's a winner: access to health care for kids in Florida is worst in the nation. "Florida is so far behind that some have just given up hope,” writes Miami Herald…