Whisper it gently--well, OK, don't, scream in horror from the rooftops--but there's a possibility of a looming bacon shortage in the United States. I know, I know, it's almost as bad as the chaos that would follow in my native UK if the Marmite Mines ran out. But this does give us an opportunity to revisit Adam Smith and the value of speculators (originating with one of the few Frenchmen to ever get economics, Cantillon). Far from the usual cries we get from the left side of the aisle speculation is not unproductive, it is not valueless. It's a hugely useful signal about things that might happen in the future. And as such those signals allow us to take action to avoid those looming disasters--like, for example, the US entirely running out of that food of the Gods, the bacon cheeseburger (and I do not joke there, it is one of the great foods of the world).
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