Seems to me like an argument for placing limits on "investment" by retirement funds in commodities such as oil and wheat.
it would be if it were correct, which it is not. In the long run, we're all dead. John Maynard Keynes
t would be if it were correct, which it is not.
Certainly participation in the futures markets by investors/ speculators has no effect on market prices.
So the US politicians/regulators in particular are barking up the wrong tree IMHO.
But I don't see how you are able to categorically rule out a bubble element via the OTC market, whether through structured finance or otherwise.
No-one knows, because the mechanisms fo find out simply do not exist.
"Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
