Frederick Kaufman argues that the structure of the Goldman Sachs Commodity Index, which for some reason “did not include a mechanism to sell or “short” a commodity,” is chiefly responsible for the runup in food prices. To take just one example, “imaginary wheat dominates the price of real wheat, as speculators (traditionally one-fifth of the market) now outnumber bona-fide hedgers four-to-one”

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