You could say it started with a little bit of food. Too little, as it turned out. Short supply and high demand for fruits and grains created historic bursts in food prices around the world. In the Middle East, where food accounts for 40% of spending, it fed political unrest. Revolution spread to Libya, whose crude crisis led to a surge in global oil prices. Expensive gas tag-teamed with expensive copper and other commodity inflation in India and Brazil. Meanwhile, debt crises restrained growth in Europe, an earthquake set back Japan, and the U.S. recovery found more walls to hit.



It's no surprise that the global recovery is facing a new round of setbacks, as the IMF reported in a new report issued today. But after high food prices, slow growth, and heavy debt, there's another potential force emerging that could block the global recovery.



This one starts with metal. Too much, as it's turning out. China's property market is showing signs of rusting. Home buys in major cities are slowing down. Construction outside China's largest cities has infamously produced dozens of "ghost" towns that are actually more like stillborn cities, because they were designed for residents that never materialized (images and commentary via Gus Lubin at Business Insider):



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