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One of the better summaries on the insanity of first-world, specifically US, farming subsidies, is PJ O'Rourke's excellent chapter "Moscow on the Missisippi" in "Parliament of Whores."
Summary: Bad for people in the US. Bad for US relationships with allies like Australia. Bad for the third world. Only good for the Department of Agriculture and food conglomerates.
Pity is Clinton ditched many subsidies (although retained tarrif barriers, the other part of the problem), but one of Bush's first actions on being elected was to roll them back in.
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