Leftists Attack “Speculators”

Via The Independent:

The G20 was under growing pressure to call an emergency summit on global food prices last night as the Vatican accused grain speculators of “hampering the poorest and neediest…

Yesterday the Vatican’s permanent observer at the UN in Geneva, Archbishop Silvano Tomasi, claimed “market activities” such as arbitrage [buying and selling goods to exploit price differences] and the use of derivatives trading in grain supply chains, are “hampering the poorest and the neediest”.

I don’t know what is worse: The attempt to play a populist card, or the profound ignorance of economics that the Vatican has, yet again, revealed.

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1 Response to Leftists Attack “Speculators”

  1. John says:

    Maybe I could send them a letter pointing out that arbitrage smooths out price changes and therefore assists the poor. Nah.

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