'People's misery makes capitalists' superprofit.'
Wall Street banks have not just benefited from the commodity price increases—they've actively helped fuel them, experts say.
"We're in a market where speculators are driving prices up," Michael Greenberger, former head of the Division of Trading and Markets at the U.S. Commodity Futures Trading Commission,"Commodity markets are supposed to be hedging markets for people who are dealing with the commodity involved," Greenberger said."In the case of wheat, it would be farmers and people buying wheat.
"It's too easy to say the war in Ukraine has unbalanced all these markets, [or that] supply chains and the ports are shot, and that there's a supply and demand reason for these prices going up," Greenberger added."My own best guess is anywhere from 10% to 25% of the price, at least, is dictated by deregulated speculative activity."
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