Do you think the masses would have a problem with "speculators" if they were driving the price of oil DOWN? I'm thinking no. This is a case of looking for a scapegoat for a market that is hard on consumer's pocketbooks.
http://en.wikipedia.org/wiki/Dojima_Rice_Exchange http://en.wikipedia.org/wiki/Futures_contract#Who_trades_futures.3F http://en.wikipedia.org/wiki/Futures_exchange crgarcia, from history you will see that e.g futures trading is a security to well-functioning fair and balanced markets. Otherwise a supplier might use predatory pricing.
So, so true. But some people can't handle being the envy of many people. In fact some people can't handle success at all.
It's Dr. Evil, I didn't spend six years in Evil Medical School to be called "mister," thank you very much.
Not helping anyone? Do you think the futures markets were invented just to give people a place to gamble? Is providing liquidity helping anyone? Is providing price discovery so that capital can be allocated more efficiently helping anyone? Do you think it is just a coincidence that countries with these types of capital markets are faster growing and more prosperous? Efficiency in an economy is dependent upon capital moving to where it can be the most productive. There needs to be price signals to make it happen. That's what futures markets do. If you think speculators make moves in the market too large at times, you just might be right. Maybe. But, if there are no mechanisms for price signals, there is solid evidence that capital would be allocated in much less efficient ways. Just look at socialist and communist countries where the market is distorted. Take a good look.