COMMODITIES: Let Them Eat Cake

Up and down the U.S. last week spread a fantastic rumor: bread, the one foodstuff of which the harassed U.S. consumer had every reason to expect an abundance, may soon be scarce. Despite elevators glutted with a two-year supply of wheat, Kansas Senator Clyde M. Reed warned that the nation may expect a bread shortage in 30 to 60 days.

The reason for this incongruous situation is as simple as it is ridiculous. Through its loans to farmers the Government has in effect cornered the wheat market. As a result the small supply of free wheat available to millers has soared...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!