Index investors not to blame for commodity spikes, says economist

This entry at econobrowser about the role of speculators in wheat markets may be a bit technical, but it’s relevant in some of the opposition to the latest effort to rein in oil speculation.
Here’s our own Loren Steffy’s take on the move, and another on why there should be more speculation, not less. And of course there’s Craig Pirrong at the University of Houston’s frustration with the reincarnation of the notion. And here’s the head of the Chicago Mercantile Exchange talking about oil speculation

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