Volatile food prices are making the survival of the small farmer in developing countries nearly impossible. As the developed world weathers the storms of rising food prices through sophisticated commodities markets, smaller operations in Latin America, Asia and Africa are left to the mercy of massive price fluctuations.

After Congress passed the tax cut package last week, the price of oil went up — a sign that traders may be counting on higher demand for gasoline, home heating oil and other commodities as the economy recovers. But is spending more money on gas really the way to boost a fragile economy?

A recent heat wave in Russia coupled with extraordinarily dry conditions has been feeding the most widespread wildfires in the nation’s recent history. The fires stretch from central Russia to near Moscow and are generating a devastating plume of smoke that has killed 52 people and destroyed over 2,000 homes. Those massive fires are having a secondary (and potentially more lasting) effect as they have threatened the Russian wheat crops, which make up about eight percent of the world’s wheat production.  

Interest rates are spiking, and oil prices rose to about $68 a barrel today, hitting a new high for the year. What effect might this have on consumption? The Takeaway poses this question to Javier Blas from the Financial Times.

In this corner, we have Fed Chairman Ben Bernanke lowering interest to historic lows and in this corner we have the faltering OPEC drastically cutting oil production. Meanwhile, the consumer price index hit a record decline. Not sure how this will pan out? We've got Javier Blas of the Financial Times and Kelly Evans of the Wall Street Journal to coach John and Adaora into the next round of financial right hooks.

In the tough global economy, trade is returning to its roots. Yes, bartering is back.