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Terence Corcoran: From Hormuz to farms and food, a crisis is looming

For developing countries, the spectre of food shortages due to a lack of fertilizer and soaring prices is a frightening one

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Last week in Los Angeles at the Milken Institute Global Conference — often seen as a more capitalist alternative to the WEF Davos conclave — an executive with the International Chamber of Commerce (ICC) issued a warning. The blockage of fossil fuels through the Strait of Hormuz is about to create a “huge cataclysmic problem in the real economy, but in particular on food.” People are not aware of one of the most important impacts of the oil blockage, said ICC Secretary General John Denton, namely an emerging inability to access fertilizer that threatens to disrupt food supply all over the world.

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