>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
I don't think he had much to say on it, or at least I am not familiar
with what he said. However agricultural futures and hedging mostly
served the intended purpose of creating stability up till the late
1990's and early 2000's when a few regulatory changes occurred and
financial firms developed some new tools to allow people to invest
(read bet) on the movement of baskets of commodities (commodity index
funds). Since then there has been a speculative orgy in commodity
markets and the share constituted by speculative money now dwarfs
commercial futures purchases (those who actually want to take
possession of commodity under contract). I think this is a really
good example of the weight of money influence of investment as
speculation now drives up the physical price of commodities and with
it food, fuel and other industrial inputs.
Brad