NY Times attack by innuendo: Commodity price speculation edition
I've written a few times [e.g., 1 , 2 , 3 , ] about commodity price speculation, arguing that speculation hasn't been the cause of volatility in recent years. My views on this haven't changed, but I'm open to new arguments for why I and legions of other economists might be wrong. Overall, I haven't found this topic to be a very interesting, because those arguing that Wall Street caused the food price crisis, or caused oil prices to spike, really haven't presented any kind of logical argument. All they do is point to the fact that Wall Street has gotten into the commodity game more than they have in the past. But this isn't news and it falls far short of an explanation for how their trading activities are affecting prices. I haven't seen a serious study claiming a link, only magazine articles and opinion pieces, all thin on substance. Professionally, I don't see this as interesting work. This review lays things out pretty clearly. I