Naked Capitalism Link of the Day

Today's link: Food inflation, land grabs spur Latin America to restrict foreign ownership, at the Christian Science Monitor:

One of the first things passengers see when disembarking at Cuiaba airport in central Brazil is a real estate advertisement promoting arable land to foreigners.
South America has some of the most productive land on the planet, and buyers have long been drawn to pastureland for cattle; fields for grains, soybeans, and sugar cane; and forests where they can plant eucalyptus for timber and paper. Farms can reach the size of small nations.
Such advertisements may soon be preaching to an empty audience, however, as this and other South American nations that traditionally welcomed foreign investors are now changing land laws to restrict foreign ownership as arable areas worldwide become more sought after, a fact underlined by recent food crises. For lawmakers in Brazil, Argentina, and Uruguay, a nation where an estimated 25 percent of all land (an area the size of Denmark) already sits in foreign hands, it isn't a moment too soon to roll back the welcome mat.
These three nations produce much of the world's beef and grains and have been attractive to investors not just because land is available, but also because buying it was relatively straightforward.
Newly concerned over land grabs and eager to exercise more control over its food security, Argentinean Pres­ident Cristina Fernández de Kirch­ner said April 27 she would send a bill to Congress restricting how much land foreigners can buy or own. Uruguay fears that nations such as China and Saudi Arabia want to buy prime real estate and has promised to clamp down. Brazil, the world's biggest producer or exporter of beef, coffee, sugar cane, orange juice, and tobacco, last year blocked foreign companies based in Brazil from purchasing additional local real estate.

There was a big push ten years ago for U.S. farmers to go down and buy land in Brazil.  It economically made sense, but I couldn't see moving down there permanently to farm in a foreign land.  Guys who got involved were making a killing, but there was a lot of risk involved also.  I'm not surprised they are clamping down, and would anticipate laws in some Corn Belt states limiting corporate ownership.  Things are going to be very interesting in the near future.

There is also an interesting story about Ireland's alleged plans to restructure its debts to the EU and the IMF within 3 years.