An FT Alphaville commentor left this gem for us on a recent post.
I would like to suggest cans of Spam as the mechanism for the new world currency. After all you can hardly debase it further.
Well, while a new global monetary system failed to materialise at the weekend’s G20 meeting, spam, nevertheless, appears to be doing very well.
From the New York Times:
AUSTIN, Minn. – The economy is in tatters and, for millions of people, the future is uncertain. But for some employees at the Hormel Foods Corporation plant here, times have never been better. They are working at a furious pace and piling up all the overtime they want.
Hormel being the maker of the iconic mystery meat-in-a-can brand, Spam. (Ok, it’s not really a mystery, but a gelatinous mix of spiced pork and ham that costs about $2.60 for a 12-ounce can. Yum). Though Hormel’s share price has suffered of late, we’re told that:
… Hormel executives appear to be banking on the theory that Spam fits nicely into recession budgets. Workers on the Spam line in Austin – more than 40 of them work two shifts -see no signs that their work schedule will let up.
Spamtastic. Another consumer datapoint from the NYT article:
Pancake mixes and instant potatoes are booming. So are vitamins, fruit and vegetable preservatives and beer, according to data from October compiled by Information Resources, a market research firm.
Which leaves us, as LOLFed puts it, with this bit of investment advice:
When the economy turns, go long the weight loss stocks.
Related links:
Spam sales on the rise, common sense at an all-time low – GenXFinance
Spam recipes roundup – Spamrecipes.net
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