> The FDR administration recognized, however, that in order for the market to properly function, there needed to exist another kind of player - the speculator. The entire purpose of the speculator, as originally envisioned ...

My point is that free and open markets attract participants who exercise their self-interest. There is no central authority saying "you are the buyer", "you are the seller", and "you are the speculator". Speculation is an inherent property in any market participant. So-called "speculators" are merely those having no larger interests (i.e. taking delivery and consumption).

In a split-second, a "real player" can become a speculator, if he sees a market opportunity and takes on a position for which he never intends to take delivery. The point is, identifying who is a speculator and attempting to limit those activities is extremely difficult, because speculation is all about internal motivation, and central authorities have no real insight as to an individual's motivation.

I applaud FDR for not trying to prevent speculation, but I seriously doubt any capability for injecting speculation via "placement".