Farm bankruptcies jump to highest level since 2011 as Trump's tariffs bite

[mfcorey1]

A tit-for-tat tariff dispute between the Trump administration and China has piled on pressure in an already strained Farm Belt, leaving an increasing number of growers unable to stay afloat.

Farmers filed 580 Chapter 12 bankruptcy filings between January and September, according to the American Farm Bureau Federation, the largest farm advocacy group in the country. That was a 24% increase from the previous year and the highest level since 2011, when there were 676 filings.

China placed steep tariffs on US farm products last year to retaliate against punitive moves by the Trump administration, adding to challenges for farmers already faced with harsh weather conditions and low commodity prices. Those have sent exports sharply lower and made it difficult for growers to plan the next harvest.

https://markets.businessinsider.com/commodities/news/farm-bankruptcies-jump-24-as-trump-trade-war-tariffs-bite-2019-10-1028649836

[Vogon_Glory]

1. So much winning...

Before Individual One was elected, I was hopeful that even the red states could change for the better with appeals to people’s reason, self-interest, and higher natures.

After he was inaugurated, I thought that perhaps when they felt enough of the pain that the Republicans would be ladling out, that would be enough.

I’m beginning to believe that even the pain and suffering dealt out by their Republican political “friends” won’t be enough even in some once-purple farm states.

[Cosmocat]

8. It MIGHT help on the margins next November if it gets REAL bad

this upcoming year, but if we can get a D in, the Rs will do to him or her what the did to BHO (McConnell make him a one term president) and the media these people consume will over night put their problems on the D potus ... Just as this asshole has rode the BHO economy, they will QUICKLY put his disaster on whoever has to try to clean it up.

[spinbaby]

2. Take a drive through farm country

You’ll see auction signs all over the place.

[greymattermom]

3. When the farmers move to more urban areas in red states,

their children won't be farmers, will meet folks of different opinions, and will some vote Dem. Just look at the red-blue map of any region, then compare it with a satellite image of the region taken at night, to see what the real red-blue boundary means.

[roamer65]

22. Unless they are highly educated and enlightened...

they aren’t really useful to the urban areas. Too bad we couldn’t be selective on their migration.

[True Blue American]

29. A Farmer is running against Jordan.

https://www.newsweek.com/jim-jordan-op-ed-cleveland-plain-dealer-1473718

This.

https://www.toledoblade.com/local/politics/2019/11/19/chris-gibbs-farmer-trump-voter-to-challenge-gop-jim-jordan-election/stories/20191118169

[Kurt V.]

4. the key player is no longer the farmer, its the speculator.

Heard that on the farm report yesterday.

[Farmer-Rick]

16. Oh yeah, when it comes to pricing of farm products, the speculator runs the show

There use to be controls on these sorts of speculation. Ever since the repeal of the Glass-Steagall Act and the ratification of numerous "free" trade agreements (that only became possible for the US when when the Act was repealed), speculation has once again taken control of most of our farm prices.

It's a rough business to be in today if you are not filthy rich.

[Laura PourMeADrink]

5. Sad. Are the December 15th tariffs going in? Remember

He put off until "after Christmas shopping" ?? Not sure why he thinks it's over by then.

Last I heard the markets already corrected because they think dingbat will reach a deal and tariffs won't be imposed. So look for his buddies to sell off any stock related to the items he doesn't reach a deal on.

[Bernardo de La Paz]

7. Tariffs are imposed at the border. Goods are on shelves Dec 15, not at the border. . . nt

[Laura PourMeADrink]

12. Forbes: 7 things to buy before Dec 15th

https://www.forbes.com/sites/advisor/2019/09/01/7-things-to-buy-before-more-trump-tariffs-take-effect-on-december-15/

[paleotn]

14. Catchy title for a story, but not entirely how it works.

The tariffs apply only to newly imported goods as they cross the border, not unsold goods and components that crossed prior to Dec. 15th. US buyers of Chinese goods have imported as much as they prudently can prior to the new tariffs kicking in. So, the impact is delayed, at least a bit.

But only a bit, since our distribution systems, from retail goods to basic commodities, are so leaned out over the last 25 years, most companies don't have much slack in warehousing and storage to hold too much oversupply. The constant drumbeat of cutting costs has eliminated most over capacity in storage, both company owned and 3PL. And rightly so. Overcapacity is costly and wasteful under normal conditions. So, the impacts will be felt sooner than most supply chain guys would like. And this whole tariff business is driving them absolutely insane....and sucking huge amounts of cash out of consumers. A back door tax increase on the 90% and cutting the event horizon, beyond which we can't reasonably predict and plan, from years to months. Who knows what this crazy son-of-a-bitch is going to do next.

[Bernardo de La Paz]

6. Rural suicides up dramatically. . . . nt

[rpannier]

9. I heard that from a few people I know

It's really quite sad.
I used to make less than sympathetic responses when I saw these posts
But, after hearing that suicides were up I stopped
That's not something I revel and make the "I told you so!" (in response to some of them voting for il douche)
It's not at all funny when I see that

[paleotn]

17. Good point.

And I've been guilty of the same, but the fact is actions have consequences. Particularly what we do in the voting booth and it should NEVER be taken lightly or used as a protest. The vast majority of us aren't like Susie Sarandon. We can't afford cutting our nose off to spite our face. A painful lesson that hopefully gets through to some.

[Lucky Luciano]

10. If they voted for fuckface then my sympathies align with Nelson's.

[UpInArms]

15. I know many farmers in my rural area

Not all of them voted for trump ... they, too, are being punished ...

I worry about and for them

[Lucky Luciano]

20. That's why I qualified it with "if they voted for him"

[UpInArms]

21. I understood that ... was just letting others know

There are people who are being injured by the actions of others... who were not of their choosing

[ck4829]

25. Some of them will go down thinking they are "owning the libs"

[KentuckyWoman]

11. So basically, his plan is working perfectly.

Big Farm Corps can dump the debt on the taxpayers.
Small farms go belly up - equipment and land prices drop. Big Farm Corp swoops in to snap up the land and equipment at a bargain.

The fact that generational farms are lost, lives are ruined, people go hungry.... for that bunch of thieves this sort of pain just adds more joy.

My whole life I've known these kind of predators exist. The fact this nation has allowed one of them to get into power and has allowed them to stay is sickening and heartbreaking.

[Wellstone ruled]

30. Hedge Funds are

buying up Farms and Farm Land and bundling this debt purchases into Bonds and selling them into Pension as well as 401 k's as a way to spread their risk.

This is now big Agriculture and I mean Big. All about working the Tax Codes as well as the Futures Markets. We ain't seen nothing yet. All of these Mega Outfits put zero back into the Local economies,they tend to work the Tax Codes in a way to deprive local taxing districts their fair share.

[safeinOhio]

13. Prices of soy beans is way down.

The price of tofu remains steady. Someone is getting rich.

[Raftergirl]

18. And they'll all vote for

the Criminal-in-Chief in 2020. I have zero sympathy for them.

[uponit7771]

19. Damn ... and it's going to get worse before it gets better

[ck4829]

24. Yep

[ck4829]

23. K&R

[lpbk2713]

26. Are we great again yet?

I can't wait till November 2020.

[librechik]

27. Putin put this idiot in charge just so he would ruin our economy. And he is.

[Newest Reality]

28. While I don't wish the farmers bad,

they had best get their heads out of the huge, gaping feces-filled republirectum and start realizing how they have been had. This is not even close to their Father's conservatism and it is more bold and barefaced a farces as it has ever been.

Projecting on liberals, minorities and the scapegoat du jour gets them NOWHERE, ever. They don't move an inch and that should be very obvious.

Meanwhile, somebody should get out there and sell them some famous bridges while the getting is good. There is money to be made and they seem to be playing great fall guys and girls right now.