I read everything Jeremy Grantham writes, often 2-3 times. This quarter, in his usual thorough way, Jeremy dissects the global food situation, taking exception to optimistic extrapolations of our ability to keep everyone fed -- particularly with a warming climate, rising energy costs, and a growing clamor for "More meat!" from the rapidly increasing middle classes of the developing world. "We are five years into a severe global food crisis that is very unlikely to go away. It will threaten poor countries with increased malnutrition and starvation and even collapse. Resource squabbles and waves of food-induced migration will threaten global stability and global growth. This threat is badly underestimated by almost everybody and all institutions with the possible exception of some military establishments."