2008: What does Munger think about food shortages around the world?

AUDIENCE MEMBER: Hi. I’m Ryan Johnson (PH) from Arizona, and I wanted to ask what you think about the food shortages in the world and what trends you see in the next decade or two?

WARREN BUFFETT: Well, again, I’m no expert on that. Charlie?

CHARLIE MUNGER: Well, I said last year that I thought that the policy of turning American corn into motor fuel was one of the dumbest ideas, in terms of the future of the world — (applause) — that I’d ever seen.

I came out here with the head of an academic institution, and he called the idea stunningly stupid.

Now, I’m here in Nebraska where I like Nebraskans to prosper. But this idea was so monstrously dumb that I think it’s probably on its way out.