Bring back common sense rules to commodity markets
Here is a long overdue update on the three levels of campaigns to stop excessive speculation in commodities (U.S., International and Divestment campaign). As you can see, lots is happening:
In the U.S.
Eyes are focused on the Commodity Futures Trading Commission (CFTC), the Security Exchange Commission (SEC) and Congress as they move forward in implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act. Thanks to an impressive campaign by a wide alliance of [Read More...]
After losing rather soundly in the derivatives reform language of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Wall Street banks and other large financial players continue to work to undermine the implementation of that law.
NPR has a story about lobbyists forging at least six signatures in letters to the CFTC asking the agency to weaken the law.
In another offensive to undermine the law, during the Congressional debates over the Dodd-Frank bill, [Read More...]
Maybe you, like me, answered this website’s call to email the CFTC and ask it to stop Wall Street from gambling on hunger. Well, if so, you might want to email NPR in response to a recent podcast (their Planet Money podcast from February 8), which repeatedly asserted that “there is no such thing as grassroots when it comes to writing rules for financial regulations,” and in particular that people outside the financial industry are [Read More...]
Incredibly, we are still needing to argue that too much speculation in commodity markets is a problem. Most media rarely refer to it and recently a number of articles have come out saying that there is no evidence that speculation has influenced commodity prices.
Marcus Henn of WEED has done us all a great favor and compiled an impressive list of studies showing excessive commodity speculation to be a problem. I especially draw your attention [Read More...]
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