The Straight Scoop
Courtesy of Michael Panzner at Financial Armageddon
You’ve heard what the clueless analysts, disingenuous policymakers, conflicted Wall Street paper-pushers, and corporate cheerleaders have had to say about the so-called recovery. Now listen to what one of the world’s largest private companies — which presumbaly means they don’t have to worry too much about "managing" expectations or convincing the masses to believe in financial fairytales — has to say about where things stand:
"Cargill Sounds Warning of a Slow Recovery" (Financial Times)
Cargill, the world’s largest agricultural commodities trader, on Tuesday warned that the global economic recovery had yet to gain traction as it reported a second straight decline in annual profit.
As economists debate the merits of government intervention to avoid a double-dip recession, the company said the economic outlook was uncertain.
“More uncertainty lies ahead, for the world has yet to transition from a policy-stimulated upturn to a structurally sustained recovery,” Cargill said in its annual report. “Europe’s debt crisis and China’s monetary tightening are moving markets. Governments have made promises that their economies cannot fulfil. Regulations are changing in unpredictable ways.”
The Minnesota-based company has a unique vantage on global economic trends, trading commodities from corn to oil to salt with employees in 66 countries.
