The next subprime crisis could be in food
BY: Rana Foroohar PEJOURNAL - Of all the many problems caused by Covid-19, three of the most visible have been food insecurity, the demise of small businesses and asset market volatility. All of those things might be poised to get worse, thanks to an unexpected but important financial shift. Big banks, including ABN Amro, ING and BNP Paribas, are either pulling out of commodity trade financing or scaling it back. This will leave a funding hole for some farmers, agricultural producers and distributors, as well as grocery chains and other small and medium-sized companies that represent crucial parts of the…