Speculators, how do you justify driving up the price of food and fuel ?

[russspeakeasy]

Driving up futures prices, driving up fuel and food prices puts you in the position of stagnating this economy for your own selfish gains.

You are certainly entitled to make a profit, but not at the price of making life more difficult for the majority of us.

I would like to see a law passed forcing you to take delivery of your purchases.

[GreenPartyVoter]

1. Yes, something has to be done about speculation. They are essentially gambling on whether

or not poor people get by.

[1StrongBlackMan]

2. how do you justify driving up the price of food and fuel ?

Easy ... "screw you, all for me."

[RepublicansRZombies]

3. check this out!

Look everyone, there is a bank that has morals!!!! (not in the US of course)


Germany’s second-biggest lender, Commerzbank, says it will no longer participate in market speculation on basic food prices. The bank says it has removed all agricultural products from its funds for moral reasons.

Commerzbank of Germany confirmed on Thursday it had withdrawn from market speculation on prices for basic food items. The country’s second-largest lender said it had removed all agriculture products from its ComStage ETF CB Commodity fund.

http://investmentwatchblog.com/shock-germanys-second-biggest-lender-commerzbank-says-it-will-no-longer-speculate-on-basic-food-prices-for-moral-reasons/

[surrealAmerican]

4. Thanks, RRZ ...

... and welcome to DU.

[sabrina 1]

17. Welcome to DU. What a great article, that Bank should get a lot of publicity

for what it's doing. Thank you so much for posting this. In fact it should be an OP as a lot of people will miss it here.

A Bank with a conscience? Good for them

[librechik]

5. "We don't have to justify anything to you people. It's perfectly legal."

they say.

[msongs]

6. congressional dems and repubs agree, this speculation is legal and allowable. too bad nt

[Nuclear Unicorn]

7. "I would like to see a law passed forcing you to take delivery of your purchases."

Hear! Hear!

And FWIW, my conservative hubby has said the same thing.

[Egalitarian Thug]

12. Simple solutions do exist. Solutions, as in the problem is solved now we can move on to the next one

But regardless of how simple or cheap, or easily achieved a solution might be, we always face the same roadblock. The jackals that profit from the problem's existence.

[HopeHoops]

8. Cake is cheap.

[uponit7771]

9. The NPR "allowed" (aka not confronted) excuse is they're bringing revenues to that sector

...and benefiting everyone to some degree.

[Hydra]

10. They're not "entitled to make a profit"

They are encouraged to make profit off a useful product or service they provide, preferable by their own hands.

They don't have the divine right to profit off of everything and anything, especially whether someone gets to eat or have clean water or medical care. Amazing that we've accepted that as "moral," in the words of Alan Greenspan.

[AngryAmish]

11. And the speculators who popped the mortgage bubble, they are bad people also?

Or the speculators who are driving Greece out of the Euro? They are bad too? (The only way for Greece to get out of their depression is to go back to the drachma).

[Egalitarian Thug]

13. Yes. n/t

[Scuba]

14. Making life difficult? How about "starving millions"?

Rampant Speculation Inflated Food Price Bubble – Wall St./Grain Traders Pushing Price Rises

http://stephenleahy.net/2011/02/28/rampant-speculation-inflated-food-price-bubble-wall-stgrain-traders-pushing-price-rises

Bank and Hedge Fund Speculation Causes Food Prices to Soar

http://www.stwr.org/food-security-agriculture/massive-bank-and-hedge-fund-speculation-causes-food-prices-to-soar.html

[reformist2]

15. Exactly right about taking delivery. Only actual producers or consumers ought to be in these markets

Or at the very least, speculator interest should be fixed at a constant level, if liquidity is a concern.

[trof]

16. BECAUSE IT MAKES US MONEY! DUH?

Jeez, you people are SO dense.
We make huge piles of money speculating on basic necessities.
Hey, people HAVE to have them!
We do not give a shit what that does to the 99%.
We have a house in the Hamptons, a penthouse in Manhattan, and a condo in Boca.
We drive really nice cars.
And boats.
Or are driven in them


Our kids go to the best schools.
Our trophy wives shop at Tiffany.

Please understand this: We do not care that our financial dealings may cost you more at the grocery store. That doesn't affect us. Hell, we have food flown in for a party.

Get over it.