Topic: Food Riots

On August 15, 1971, Richard Nixon ended the ability for foreign governments to redeem dollars for gold, removing the primary restraint on monetary printing. This move was driven by the need to manage inflation and fund government spending without immediate public accountability. Historically, rapid food price increases lead to political instability, as seen in 12,500 European riots over seven years and the 2022 storming of the palace in Sri Lanka.

Societal collapses in Sri Lanka and unrest in Argentina, Egypt, and Albania are linked to rising food prices and hyperinflation. Dubin explains that the Tonga volcanic eruption sent an unprecedented ash column into the atmosphere, which is now cooling the Southern Hemisphere. This cooling is expected to further dent crop yields in major grain-producing nations like Australia and South Africa.