Michael Masters of Masters Capital Management was on Bloomberg yesterday to discuss the role of speculators in the commodities markets. Masters became famous in 2008 when he provided Congress with a brilliant testimony regarding the role of speculators in the commodities markets. In this interview Masters discusses the benefits of speculators and the growing trend of “excessive speculation” where speculators are no longer just providing liquidity, but helping to generate excessive price movements. I view this as a reflection of the growing financialization of the US economy. I think Masters would agree.