Depends what people want. Do they want to empower investors and the financial community, or do they want fair and orderly trading in commodities?
I would gladly forgo my ETF gains, and return to a market where non-commercial speculators were given position limits in crude, just as they are in other commodities.
It's too rich, seeing the financial community pose as the friend of the little guy. What's more, end-users are paying, just as they did with Enron.
Of course, producers, crude investors and the financial community love it - they could care less about the distortion of true supply and demand, or who pays, just a long as they profit. Crude investors get the leavings, producers and the financial community make the real money.
To date I have seen no post by any individual that recognizes the game being played in crude, even by banks. Tens of millions of barrels are being held out of inventory, swapped among non-commercial players for profit, driving up futures - and everyone's happy.
Except the poor family that should be paying less for gasoline or heating oil, trying to get ahead. They don't even know what the suits are doing to them.
Jim |
