Excessive speculation leads to markedly increased volatility, what you should expect some market force on real supply and demand to have some influence on.

Well, position limits are designed to stop excessive speculation, correct?

How does the CFTC define 'excessive speculation'?

We are going to see massive inflation in this country in 2 or 3 years.

Why isn't it $2 instead of $3.60 or $3.90?

If they are price insensitive, if they do not care what the price is because they are sure they are going to make money on the next month as they roll it over, why isn't everybody doing that?

So you agree we have to have some speculators in the market to make a market.

Can we change the rules here, in our country can we change the rules on our exchanges and solve this problem?

What is 'excessive speculation'? Because that is our whole problem.

The most recent version of the rule was rushed through the Commission and applied across the board to 28 separate commodities.

That futures markets cannot function without speculators who make markets, provide liquidity for hedgers, aid in price discovery, and take risks.