Please re-read my comment. I wasn't justifying or excusing speculatio
n, I was pointing out that speculativ
e trading is helpful and necessary to efficient market pricing, just not supported by highly-lev
eraged trading that allows unreasonab
le accumulati
on of "positions
" in commoditie
s, that may distort proper function of markets, and which creates outlandish commission
s and trading fees for a small group.
Restrictin
g or ending leveraged trading could drive speculator
s elsewhere.
And, to answer your question, efficientl
y functionin
g trading markets DO create jobs, not only in the markets themselves
, but the resources that are brokered,e
verything from copper to cotton, are destined for producers and manufactur
ers who turn them into finished goods that you and I buy.
Commodity markets were created hundreds of years ago to act as a faciliting process to supply goods to producers and manufactur
ers.
They've in fact helped modern commerce to develop.
If it's the speculativ
e excess and the profiteeri
ng you don't like, then urge your legislator
s to force the CFTC to restrict speculativ
e trading leverage.
Read the Article at HuffingtonPost
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