Comment Text:
C Funk
Nojunk Street
madison, SD 57042
March 24, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Excessive speculation hurt the economy in 2008 and, once again, is harming the economy in 2011. According to data recently released by the Commission, speculators have raised their positions in energy markets by
64 percent compared to June 2008, bringing speculation to the highest level on record.
We need meaningful, effective speculative position limits to restore balance to commodities markets and ensure that they are connected to market fundamentals, so that they fulfill their price-discovery function properly and without distortions caused by excessive speculation. In particular, I propose the following:
Lets simplify. In order to speculate you must take delivery and hold the product for at least 2 weeks. This would not only eliminate all paper speculation and tie price to product demand and availability but it also would create a moving emergency reserve for all products. As a side benefit, jobs would be created building storage containers as well as transport vessels.
Time is of the essence, and I urge you to act quickly. Our pocketbooks and the broader economy depend on it.
Sincerely,
C Funk
605-555-5555
