The End of the World As We Know It?*
I have been named to the CFTC’s Energy and Environmental Markets Advisory Committee, at the invitation of Commissioner Christopher Giancarlo. Given how I was viewed during the Gensler years, this is a sign that the winds have shifted at 1155 21st St. NW. Or maybe it’s a harbinger of the impending apocalypse. It is particularly ironic, given that Frankendodd specifically mandated that the Commission create the EEMAC: there’s a mandate I can get behind!
Kidding aside, I very much appreciate the opportunity to contribute to the debate in a forum that has policymakers’ ears. The position limits issue is still very much on the table: the hedging definitions are particularly challenging, as is how to determine when speculation is causing unwarranted fluctuations in prices. I definitely have things to say about these matters, and will take the opportunity to say them.
* This is the title of the only REM song that doesn’t have me hitting skip or switching channels.
Regulatory capture in reverse. A harbinger of doom. -[a parallel-type appointment would be Obama bringing Michael Mcfaul onto the state department staff as the deepest expert on Russia- and a discretionary leash to create a reset in policy- and kaboom]. Bon chance.
Comment by scott — December 22, 2014 @ 4:30 am
Next step towards insanity … Putin hires Pirrong to fix Russia 🙂
Comment by SimpleSimon — December 22, 2014 @ 6:38 am
Bring a food taster wish you.
Comment by sotos — December 22, 2014 @ 8:21 am
[i]how to determine when speculation is causing unwarranted fluctuations in prices.[/i]
It’s not.
Some free consulting for you there.
Comment by Green as Grass — December 22, 2014 @ 8:26 am
SWP:
Vlad wants a behind the scenes tour.
LOL
VP VP
Comment by Vlad — December 22, 2014 @ 11:17 am
Congratulations. Fox into the chickencoop or inmate into directorship of asylum? Make the most of it.
Comment by Margaret Aten — December 22, 2014 @ 12:24 pm
@Green-Oh, I definitely agree with you there. With a few very rare exceptions (e.g., the Hunts, the International Tin Council) speculation doesn’t cause such fluctuations. My challenge is to find a way to convince a largely disbelieving audience that’s the case.
@sotos. I just fast. It’s cheaper.
It’s a trap!
OK, maybe not, but you’ve kind of got me worried that they know something bad is about to happen and they want you on board to help take the rap. Watch your six.
Comment by srp — December 22, 2014 @ 8:57 pm
@srp-Thanks for your concern. Don’t worry. Head on a swivel.
@Margaret-Thanks. Bull in the china shop, most likely.
@SimpleSimon-Dammit Jim, I’m a doctor, not a miracle worker.
Well done Prof. Give ’em hell. And lotsa economics.
Comment by Ex-regulator on lunch break — December 23, 2014 @ 2:04 am
congrats Profe. Merry Christmas
u should really check out early REM, tho. and u don’t like “Nightswimming”??
Comment by Daws — December 25, 2014 @ 1:32 am
Hi, Daws-Thanks, and Merry Christmas to you as well. Believe it or not, I’m not familiar with Nightswimming. I will check it out. It’s on YouTube.