If you think that regulation of Wall Street banks operating in the stock market is lacking, then you probably haven’t seen what’s happening in the commodities market. While just as volatile as the stock market, the commodities market rarely makes the headlines, and there are fewer rules and regulations governing it. Goldman Sachs was well aware of these facts when they decided to hedge their bets on wheat prices, causing a surge in the price that left under-developed countries around the world without food. Sam Seder talks about how Goldman pulled off this feat with Frederick Kaufman, author of the article “The Food Bubble,” featured in this month’s Harper’s magazine.
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