Comment Text:
In my honest opinion what you lot do is absolutely criminal and disgusting. The fact you speculate on food amongst other things, is abhorrent to the Spirit. But like they say what goes around comes around, and your turn will come.
However,there are several things which we suggest you can do in order to avoid food and energy price bubbles. The proposed speculation limits have to be implemented. (Wall Street is telling the CFTC not to establish these limits.)
Also, only give exemptions to businesses that deal in physical commodities (like farmers, gas stations, etc.). Do not give any exemptions whatsoever to banks, hedge funds or other financial players. This cannot happen and would no doubt cause misery for many, which these banks etc seem to revel in.
While many factors contribute to today’s highly volatile commodity prices, it is clear that excessive speculation is partially responsible, as shown in dozens of studies by members of respected institutions such as Princeton, MIT, Citigroup, Petersen Institute, University of London, Yale, UNCTAD, FAO, and the U.S. Senate.
We hereby urge the Commission to implement the proposed rules regarding aggregate speculative position limits to prevent excessive speculation. At this time of fragile economic recovery, we cannot allow speculators to unduly affect our food and energy prices.
Thank you for your attention in this matter and we await your decision.
