John Authers: Speculators & Oil Price Spikes
"Speculation appears to be changing the way commodity markets work. A debate is needed and changes to regulations may be justified. But speculators cannot take all the blame for the price spike."
See charts here
The Short View: Commodity speculation
FT, May 20 2008 19:54
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When the stock markets go up, people claim fundamentals.
When the commodity markets go up, people blame speculators.
It's funny---"fundamentals" has such a less loaded connotation than "speculators". Not because it's true, but because it's ironic that those who throw the loaded word around as the convenient excuse (god forbid anyone would address the Dollar) don't realize their precious stock market is being largely propped up by said commodity prices (nevermind that the distinction between speculator and investor is one that doesn't exist--i.e., it is a mental construct, not an actual Thing).
Oh well, they're welcome to relabel China and India as Speculators if they want; it hardly changes the fundamentals.
Posted by: Patrick | May 27, 2008 3:47:38 AM
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