Speculators
Posted July 30, 2009, 10:07 ET Comments Off
I am delighted that the Commodity Futures Trading Commission is taking aim at speculation. We have criminalized many forms of economic misbehavior, but there is still a lacuna for speculation, which needs to be closed.
A helpful start is provided by Article 154 of the Criminal Code of the U.S.S.R. which defined speculation as the buying and selling of goods at a profit. Now some might think that over-broad, and I admit that it might be excessive to criminalize retail sales of clothing (I have Lands End in mind here, not of course Prada). However, when it comes to other kinds of commodities, notably financial instruments, the Heavens cry aloud for social justice.
The distinction between the two kinds of commodities is well made by Ezra Pound in his Usura Canto. Financial instuments, money, whatever, are not fertile, are not productive. And I think that’s what it really comes down to. CONTRA NATURAM!
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