The veil has long since fallen on cryptocurrencies: the essential thing about them is the fact that they are not money but speculative financial assets. To understand their success within the thousand speculative investment possibilities offered by today’s financial markets, we need to understand briefly what the technology on which they are based is like and what things it allows beyond the usual possibilities in “normal” speculative assets.
Tag: fictitious capital
The US durum wheat crop is down 46% and is the smallest in 30 years. Canada, which produces 2/3 of the global wheat trade, is on track to lose 1/3 of production. Add to that the shortage of stockpiles in Europe, the new European CAP and the downward revision of the Russian crop. The result is a speculative boom in the grain futures market. Global durum wheat prices have already rose 30% since mid-July. The “durum wheat crisis” is beginning to hit the plate of workers on both shores of the Mediterranean and from October may have dramatic consequences on basic foodstuffs.
What we’re seeing is not the optimism of finance capital, it’s the hysterical laughter of the desperate gambler.