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Politics : View from the Center and Left

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To: TimF who wrote (64210)	5/7/2008 5:29:54 PM
From: Katelew	Read Replies (1) of 541922

I said nothing about government fiat setting prices. All I've said is that I'm beginning to question whether or not there should be limits to the amount of speculation in agric. commodities on the Chicago Board of Trade. There are a fixed number of contracts each month available on the exchange. Each contract represents a specific amount of wheat or corn, etc. More people are entering the market and buying and selling these contracts. When you have a fixed quantity of something and more people who want it, the price will often go up all out of reason and/or relationship to the actual costs of production. Remember Cabbage Patch dolls and Beanie Babies? It's a chuckle when those things end up in garage sales. It's very unfunny when the rapid rise in prices causes impoverished people in a third world country to suffer.

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