Economics in Prisoner-of-War Camps

Economics in Prisoner-of-War Camps

Even if they didn't smoke, the prisoners should have held onto those cigarettes...

It was 1942. The British soldiers had been captured in Libya, then shipped off to an Italian transit camp as prisoners of war ("POWs").

When the POWs received their first weekly Red Cross food parcels, they immediately began swapping items. Everyone wanted to trade some of their rations for someone else's... but no one had established their true value.

For example, if a soldier didn't smoke, he was happy to give up his cigarettes for a bit more food. And the Sikh prisoners – whose faith promotes vegetarian diets – were eager to accept anything in exchange for their tins of beef.

Before long, though, each soldier had a better idea of what everything in his Red Cross parcel was worth. One of the prisoners, R.A. Radford – who studied economics before enlisting in the British Army – described the dynamic in his 1945 paper, "The Economic Organisation of a P.O.W. Camp."

Within a week or two, trade grew, rough scales of exchange values came into existence...

It was realized that a tin of jam was worth one-half pound of margarine plus something else; that a cigarette issue was worth several chocolate issues, and a tin of diced carrots was worth practically nothing.

By the time Radford settled into a permanent POW camp in Germany, the values were so firmly established that the prisoners posted signs announcing each item's going rate. Cigarettes were the currency.

A stable, predictable market ensures that each participant gets a fair deal. But savvy investors see their biggest gains in times of chaos. Radford cites this example...

Stories circulated of a padre who started off round the camp with a tin of cheese and five cigarettes and returned to his bed with a complete parcel in addition to his original cheese and cigarettes.

It's one of the deepest truths about markets... Uncertainty leads to disagreement, and disagreement leads to varied prices. If you know what you're looking for, that gives you an opportunity to make outsized gains.

That's what the priest exploited in the POW camp. And if you are looking for uncertainty, look no further than the world today...

Despite all the political posturing we're seeing, many of us mostly worry about issues that make our daily lives more difficult – like America's crumbling infrastructure. And industries that are solving these problems give us a low-risk way to profit.

In a recent issue of my Retirement Millionaire newsletter, we found a huge opportunity for one investor-owned utility to scoop up and improve many struggling municipal water systems.

Given today's economic uncertainty and richly valued stock market, this is the right time to put our money in the ultra-safe utilities sector.

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Here's to our health, wealth, and a great retirement,

Dr. David Eifrig and the Health & Wealth Bulletin Research Team
March 8, 2025

Reader question of the week...

Q: Doc... There was a morning news show today on CBS where they talked about a great pizza restaurant in Connecticut. They make wood fired thin crust pizza that is blackened but not burnt on the bottom. I know you've written about the carcinogens that are created from cooking and especially from overcooking. Is it possible to blacken something without burning it? If so, how does one tell the difference? And if so, is blackened food ok to eat considering carcinogens? Thanks. – J.T.

A: Thanks for the great question, J.T.

Roasted, charred, or burned food puts you at the greatest risk from three harmful chemicals...

The first is called heterocyclic amines ("HCAs"). These chemical compounds form in meat (including poultry and fish) when amino acids combine with sugars released during cooking. Typically, HCAs form only at high temperatures when frying, roasting, and grilling. But there's some evidence that longer cooking periods (think 12-hour barbecues) also produce them.

The second, polycyclic aromatic hydrocarbons ("PAHs"), are much more prevalent in meats that have been barbecued than cooked another way. That's because PAHs form when fat drips down into the heat source and turns to smoke. That smoke contains PAHs... and it seeps into the meat (ever seen the smoke ring on ribs or brisket?). Think about how tasty grilled and barbecued food is – that's all from PAH-filled smoke.

The third, advanced glycation end products ("AGEs"), form in meats when their proteins and sugars are heated and start to brown. This browning is what gives meat its distinct flavor when grilled, broiled, roasted, seared, or fried.

HCAs, PAHs, and AGEs damage the DNA in our cells. Damaged DNA sometimes creates cells that grow and divide uncontrollably, causing cancer. Even worse, these chemicals can accumulate over time.

That's why I've warned readers before to be very careful when grilling... Cooking meat at a lower heat and offsetting these chemicals by loading up on antioxidant-packed foods are two simple ways to help lower the risk.

Now, a fourth chemical called acrylamide forms when foods are roasted, baked, or fried at high temperatures. Some common foods that contain acrylamide are potatoes, coffee beans, almonds, cereal, and pizza (like that nice charred pie at your local pizzeria). You're also exposed to it through cigarette smoke.

But good news... If you're getting acrylamide through food, current research shows little to no risk of the chemical causing DNA mutations. Two separate reviews of human studies found no strong links between the dietary intake of acrylamide and increases in instances of breast, endometrial, ovarian, or colorectal cancers.

So be careful when you're grilling your hamburgers, but don't worry so much about your pizza.

Keep sending your questions, comments, and suggestions our way. We read every e-mail... [email protected].