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created Jul 07, 2008 by Jim Cowie
2 responses
todd
i have to admit that i am baffled by the whole "speculation driving prices" meme. it's incoherent on its face. speculators take contracts that have risk based on price moves. if they are right they make money. if they are wrong, they lose money. the provide valuable indicators of risk in the market. russ nelson did an excellent write-up of this issue years ago.
notgneiss
That's a good article. It reminds me of the accusations made during the "Reign of Terror" period of the French Revolution, when the death penalty was prescribed for "les accapareurs" (hoarders). Hoarding is a precursor to speculation in the absence of a liquid market. If I can't buy futures contracts on ham and cooking oil, I can at least put it in my cellar and wait for the prices to rise.
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