Rogers: I’d have to say agriculture, because
agriculture is very depressed on any kind of long-term basis. Sugar
prices, for instance, are down about 75 percent or so from their
all-time high in 1974—38 years ago. We have been consuming more
agricultural commodities than we have been producing in the world for
the last decade or so. So inventories are near historic lows, which, of
course, is a dangerous situation.
But worse still, we’re running out of farmers. The average age of farmers in America is 58; in Australia it’s 58; in Japan it’s 66. In America, more people study public relations than study agriculture. So the farmers are dying and retiring, and no young people are coming into agriculture. Agriculture is facing a serious, serious problem, so prices have to go much, much higher, or we’re not going to have any food at any price.
But worse still, we’re running out of farmers. The average age of farmers in America is 58; in Australia it’s 58; in Japan it’s 66. In America, more people study public relations than study agriculture. So the farmers are dying and retiring, and no young people are coming into agriculture. Agriculture is facing a serious, serious problem, so prices have to go much, much higher, or we’re not going to have any food at any price.
