Mercantile exchanges were formulated many years ago so that manufactures could go to a central market place and buy raw commodities on an open outcry basis, from companies that mined and harvested raw commodities. It was a fair way of dealing... when demand was high prices would be bid up by the manufactures that considered the supply necessary. Likewise, when demand was slack prices would fall to a fair market level. The law of supply and demand reigned supreme.
In today's futures world it is a significantly different picture. Any Tom, Dick or Abdul can bid up the price of a commodity. When fear and greed are induced by a media that use sensationalism to report every world event, prices can get completely out of control as is the case today with the price of oil. Every dollar increase on the price of oil feeds terrorist sponsoring states coffers like Iran, so that they can build more missiles and fund more terrorism.
If the G8 governments allow this trend to continue, oil will hit $100 soon. This will cause a world recession the like of which has never been seen ... Governmental controls are need now.
When currencies trade erratically, central banks step in to balance the prices to a more sensible level. Equivalent action needs to be taken now to bring down the price of oil to around $45 a barrel. If this action is not taken soon then a self-destruction mode of events will take place and nobody will be immune from catastrophic financial chaos, that in turn, will bring political instability to many western governments.
The only winners will be terrorists sponsoring states such as Iran, who are instigating the rise in oil by threatening to hold back supplies and helping terrorist attack Israel. The easy solution is for governments to set up a world agency that oversee the prices of commodities ... when thing get out of alignment, step in and send the greedy speculators to the bankruptcy court, at the same time, reduce the money Iran gets from its oil revenues.