Perpetual Motion

I have to believe that when things are bad I can change them.
--Jim Braddock (Cinderella Man)

As crude moves north of $130, bureaucrats are crawling from the woodwork screaming that rising commodity prices are the result of 'speculators.' Prices would be much lower, they contend, were it not for financial actors jamming markets higher.

Of course, if any group was truly to 'blame' for a 'speculative' component to current market activity, then it would be the bureaucrats themselves. After all, it has been their lose money and credit policies from which speculative juices have flowed for years.

Naturally, the bureaucratic solution to this situation is more government led intervention. Kevin Depew notes that all of this is nothing new. For example, bureaucrats led by FDR himself fiddled with commodity prices throughout the 1930s as they searched for commodity prices that were not too high and not too low but juuust right.

Round and round we go...

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