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Is the market system broken? If so, the state should intervene much more. Or will the system bounce back after a few minor adjustments?

 

Another piece of news in today’s Financial Times designed to restore our faith in the efficiency of financial markets.  It turns out that last Tuesday’s big spike in oil was caused by one man, Steve Perkins, a  “rogue trader” purchasing a huge number of Brent Oil futures contracts in the middle of the night.  When other traders staring at their screens saw the rising prices, they jumped in, bidding oil up to the highest…

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