Futures Markets

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Futures Markets

Postby squark » Tue May 15, 2012 6:28 pm

I just read this maxim
Forstellarius est pauperum depressor, et totius communitatis et patriae publicus inimicus. A forestaller is an oppressor of the poor, and a public enemy to the whole community and the country. 3 Co. Inst. 196.

So I looked up Forestaller
forestaller (plural forestallers)

1.A person who forestalls, especially one who buys goods before they can be sold on the open market in anticipation of rising prices
Usage notes:For at least a period of time in the late-18th century, under English Royal law, forestaller had a more narrow meaning which included the concept of not selling again in the same market within three months. By this de jure restriction, legislation attempted to distinguish between a socially useful function (storing grain for a potential future dearth) and an alleged socially harmful function of buying up grain so as to increase the price to the poor or needy by facilitating a so-called excess profit to the intermediary.

Retrieved from "http://en.wiktionary.org/w/index.php?title=forestaller&oldid=9558384"

I'm not quite sure if people really hoard stuff to drive up prices. You know grain, wines, copper, iron, gold(!), oil(!).
Anyway not so many years ago it was recognised as a detriment to society as a whole and therefore a crime. Interesting idea that Law would be so bold as to tell the merchants when they over-stepped the mark!
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Re: Futures Markets

Postby holy vehm » Wed May 16, 2012 7:48 am

Interesting post.

Futures markets are a complex breed but the idea that 'people hoard' is not too far from the truth. Swap people (you and i) for people (traders) and thats what happens. Traders can buy say grain or gas or whatever for years ahead at a given price but if the market drops they with hold on to their product to create a demand driving up the price again.
Or the other way round, they will know that a shortage is coming so they but up the existing supply, hold onto it and wait for the price to rocket and then sell.
Some will buy into a stable market just to create the illusion of a shortage when in fact there is plenty (or was).

The current situation is caused by the corporatism of politics. Corporations demand deregulation and this is the result.
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Re: Futures Markets

Postby Dreadlock » Wed May 16, 2012 10:01 am

Diamonds are a good example of this. They are hoarded by De Biers to keep prices high. They are not a precious stone, at most they are semi-precious. There are warehouses jam packed full of them.
Hence the elite do not buy their spouses diamonds, unless they are of the rare coloured variety, they are more likely to buy rubies, emeralds and sapphires.
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Re: Futures Markets

Postby squark » Wed May 16, 2012 10:23 pm

I have heard that DeBiers burn their excess diamonds.
I also loved the story of the young girl who manufactured a diamond in her farthers garage, using an oxy/acetylene torch and some barbecue charcoal for a school science project. Also that you can perfect an artificial diamond in a microwave. The size of the perfect artificial diamond is only limited by the size of microwave cavity.
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