While the impact of rising oil price has been around for as long as we remember, the most serious fallout from the current American turmoil could be a global food crisis as investors migrate from the dollar to grain markets. This migration is already underway and is one of the factors in the rising prices of grain products. Over the last year, the prices of wheat, rice and corn have more than doubled, and food inflation could be the newest bubble for fictitious capital now exorcised from the American property market to target as its next conquest. Turmoil in the rice market will hit millions of hungry stomachs in many countries including Sri Lanka where rice is staple food.