I am a convert. The different schools of thought arguing free markets supposedly work out excesses by themselves is just a bunch of horsesh*t serving the interests of the elite. Markets do work out excesses by themselves but not before wreaking havoc on the average folks lives. Continental Europe does not have a history of bubbles because there is strong government intervention in the economy. Price controls for example, rent control for example makes it more difficult for real estate bubbles to develop. Rent control is pretty much non existent in most parts of the US and in the UK. Commodities price control : investing in commodities , especially the basic resources such as grains should not be allowed by governments. Even futures markets are questionable since today speculation has been greatly facilitated by a number of innovations. There is absolutely no doubt in my mind that commodities are in a bubble caused by easy money and speculation. The huge demand is a lot of B.S. World population has not exploded in 5 years, eating habits can't possibly have changed in such a short period of time. This is just common sense, yet experts are inventing plenty of reasons commodities are going higher. The reason they go higher is easy money and those long only funds that should not be allowed. Finally central banks should have one and only mandate : the control of inflation.