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Included on the list were names that made speculators' mouths water: Boston Chicken, Shiva, Netscape, Tivoli Systems and Premisys Communications.
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That's what makes speculators a perfect target: by going after them, Congress can demonstrate to voters that it understands their pain, and at the same time avoid doing anything that might require real sacrifice from Americans.
Equally futile is the suggestion made by speculator George Soros that the IMF and G-7 countries impose a currency board on Russia.
First, the results support the main conclusion of Corsetti et al. (2004) that the presence of a large speculator makes other small speculators more aggressive.
Shouldn't we consider making the speculators pay some of the price?
Economists don't usually make good speculators, because they think too much.
By 2011, pure speculators made up a staggering 61% of the market.
Speculators made fortunes buying and reselling Harlem land, among them Oscar Hammerstein I, Henry Morgenthau and August Belmont.
Speculators made money, governments benefited from lower borrowing costs and nobody complained.Yet this seemingly benign scenario may have been unhelpful in the long run.
To them, markets are made up of speculators who like to interfere in the smooth running of economies; when a government's policies are unconvincing, they drive currencies down and bond yields up.
But a recent study of eleven commodities markets found that when speculators made up forty per cent or more of the market, prices were roughly half as volatile as they were in markets where speculative trading was less prevalent.
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