Comment Text:
I am Sara Burke, I work as an Economic Policy Analyst within the UN system and see as a regular aspect of my work the detrimental effects of commodity speculation on the working and impoverished classes in the US and in developing countries.
I urge you to use every means possible to curb excessive gambling in commodities markets like food and oil. While many factors contribute to today’s highly volatile commodity prices, it is clear that excessive speculation Is a main driver.
Speculation imposes financial hardships on families around the country and around the globe. Sudden rises in gas and food prices force us to make difficult decisions and sacrifices. Especially right now, with so many families struggling, and unemployment still wreaking havoc in our communities, we cannot allow speculators to unduly affect our food and gas prices.
In addition, we cannot afford a repeat of the 2008 food and gas price bubbles, so the CFTC should put in place strong position limits to control excessive gambling and should absolutely not allow exemptions or exceptions that undermine the rule. Do not grant exemptions to banks, hedge funds or other financial players.
Sincerely,
Sara Burke
