What are Commodity Futures, anyway?
The futures industry is an important industry. It affects the lives of millions of people, although they may not be aware of its existence. It touches the food they eat, the clothes they wear, and the material that gives them shelter, as well as their finances and investments.
Prior to the advent of futures trading in the United States, most people were farmers or rendered services to farmers. The industrial revolution, which sprang from individual freedom and the private property order, brought a new technology and ability to produce more machinery and, consequently, more food. Economic output not only began to keep pace with the phenomenal growth in population, but also greatly raised all levels of living. The new productivity called for more agricultural storage, transportation, and more efficient distribution.
ARTICLES
Several More Cracks in the Dollar Dam
As confidence in the U.S. dollar wanes, gold's popularity rises. More and more people are realizing that gold (and silver) are safer (as a store of value) than are paper …
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Excessive Speculation?
Last month, in a 402 to 19 vote, the U.S. House of Representatives voted in favor of a bill requiring …
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