A ban on speculation is dumb and detrimental, as it will have plenty of unintended consequences (enforcement costs, loss of jobs, inability for firms to use speculation as a way to manage risk of volatile assets, etc). In sum the world needs more free market capitalism, not less of it. -- KM


German leaders are to propose a worldwide ban on oil trading by speculators, blaming the latest spike in crude prices on manipulation by hedge funds.

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