What's the urgent business for this twit today? Coffee prices, of course.
Java drinkers rest easy. Sen. Charles Schumer has perked up to the spiraling cost of coffee beans, and he wants something done about it.So these countries enact policies to benefit themselves yet here we have this meddling twerp telling them how to do business. Our economy is in shambles, his party is facing massive losses in November due to their economic ineptitude and this idiot is out there whining about coffee prices.
The New York Democrat has asked U.S. Trade Representative Ron Kirk to warn major coffee growers Brazil and Vietnam at an International Coffee Organization meeting later this month to not stockpile their crops, a move that could further boost bean prices that already have spiked this summer because of poor crops in some regions.
The fallout from rising prices has been brewing for months. Coffee futures spiked in June and have remained high. Coffee producers and sellers -- including Folgers and Dunkin' Donuts coffee maker J.M. Smucker Co. and the Wawa convenience store chain -- have already raised their prices. Starbucks Corp. has said it will absorb the higher cost.
Why the buzz? According to Schumer, the issue goes beyond bad crops. The senator said in a statement that Vietnam bought more than 60,000 tons of its own coffee last spring and was considering a plan to stockpile up to 200,000 tons. Meanwhile, Brazilian growers have pressured their government to consider a similar move.
Schumer said coffee exporters are acting like "the OPEC of coffee," a reference to the Organization of Petroleum Exporting Countries, which has a large influence on oil prices.
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