The Post carried this AP story on a commodity investment fund which was closing down--it had suffered big losses because of the recent declines in commodity prices (oil, corn, etc.). IMHO that settles the question of whether the rise in commodity prices was speculative. Of course it was, it was a bubble just like the housing bubble and the tech bubble and the railroad bubble (couple centuries ago). A bubble means speculation. Now I'd agree there were real market forces at work and it may well be impossible to curb speculation as some might like; people are people after all.
But those right wing blogs/economists who denied the speculation went too far.
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