Is It A Bubble?

Via Mark Thoma, Michael Roberts weighs in on whether farm land prices are in bubble territory.  He agrees with a number of economists that grains are fairly priced, and while he doesn't feel that he has enough information about the farm land market to weigh in on a bubble there, he feels with food prices likely to rise, it is probably fairly valued.  I'm going to disagree.  I will wager that if the European crisis finally brings collapse number two, commodity prices will crater, just as they did in 2008, and if the governments don't print money like they did in 2008-2011, then they will stay down this time.  There's too much money chasing too few goods, and things won't work out well.  That's my opinion, for what it's worth.  It isn't based in numbers, it's based on gut feeling.