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printing to cover up the debt pri crisis that they don t want to deal with tp fred kaufman is from the school of journalism. he spoke about this today at the united nation. it is also the topic of his upcoming book, how foodç stopp being food. due out in september. professor, some of the finest minds on wall street, immediately started piling into gold, oil, metals, copper et cetera, and soft o commodities they call it. food, pork, wheat, grains. what do you mean when you say, when food stops being food? dylan, you ve got a exactly right. this is all about currency tp food has been completely financialized. and this started really in about 1991 when goldman sachs first came out with the commodity index fund. since then we have had untold speculation in the sectors. but i think the point we are trying to make is beneath the
purchases and producers. and 20 to 30% at the most were speculators. now it s flipped. over 70% are ranked speculators. but how do you draw that line? some people will say, look, efficient markets. you need some speculation to change the prices and get this going. how are you defining it in the policies you re advocating? how do you draw the line in bad versus good speculation. it isn t defined by us. if you re not, you re a speculator. you re right about whether or not it s good or bad. but it relates to the quantity of speculation. so ten years ago when we had 30% speculators, things worked pretty well. the interesting thing that people don t focus on is six years ago x there was an invention called the commodity