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California, Texas, Georgia & beyond - What is the drought situation?

I've been hearing scattered reports of severe drought across the country (and actually the world). Check out this page of videos:

http://www.marketskeptics...

I was referred to that page by this article, which predicts a Catastrophic Fall in 2009 Global Food Production.

Is the news overblown, or is it real? What is the story on the ground



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