Which Story Is More Important?

TURKEY- a powerful explosion has destroyed The Turkish Grain depot.

This holds up to 8 million tons of wheat, barley, legumes, chickpeas and lentils and has been highly stocked to lessen the impact of war.

Extremely bad news for citizens!

pic.twitter.com/TQef7V8ABY

— Bernie's Tweets (@BernieSpofforth) August 7, 2023

I checked the current price for a ton of wheat: $345.50 per ton. That would be $2,764,000,000 or 2,525,190,400 euros. I will use the cost of wheat for this article since no breakdown was given and I will assume that it is the cheapest of the grains. Chickpeas and lentils are $1285 per ton so the true cost of this loss is more.

Now consider the stock market losses today due to Italy’s decision to tax banks’ windfall profits. If the tax is approved, sources said the Treasury expected to collect less than 3 billion euros ($3.3 billion) from the measure.

My best guess is that the cost of the lost grains is higher than the proposed tax but the loss in the world’s stock markets is much more. We have yet to see the impact this explosion and fire will have on the grain market. I expect the banks will continue to receive the bulk of the news since the powers in charge what to reduce our food supply.

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