Commodity futures prices exploded in 2007-2008 and concerns about a new type of speculative participant in commodity futures markets began to emerge. The main argument was that unprecedented buying pressure from new "commodity index" investors created massive bubbles that resulted in prices substantially exceeding fundamental value. At the time, it was not uncommon to link concerns about speculation and high prices to world hunger, food crises, and civil unrest. Naturally, this outcry resulted in numerous regulatory proposals to restrict speculation in commodity futures markets. This book presents important research on the impact of index investment on commodity futures prices that the authors conducted over the last fifteen years. The eleven articles presented in the book follow the timeline of our involvement in the world-wide debate about index funds as it evolved after 2007. We also include an introductory chapter, new author forewords for each article chapter, and a lessons learned chapter to round out the book. Policy-makers, researchers, and market participants will find the book not only functions as useful documentation of the debate; but, also as a natural starting point when high commodity prices inevitably create the next speculation backlash.
“Anyone who is interested in Civil War logistics, wartime railroads, and the Cumberland Valley of Pennsylvania needs to read this study.” —Eric J. Wittenberg, award-winning historian and author The Civil War was the first conflict in which railroads played a major role. Although much has been written about their role in general, little has been written about specific lines. The Cumberland Valley Railroad, for example, played an important strategic role by connecting Hagerstown, Maryland to Harrisburg, Pennsylvania. Its location enhanced its importance during some of the Civil War’s most critical campaigns. Because of its proximity to major cities in the Eastern Theater, the Cumberland Valley Railroad was an enticing target for Confederate leaders and an invaluable resource for the Union Army. In October 1859, abolitionist John Brown used the CVRR in his fateful Harpers Ferry raid. The line was under direct threat by invading Confederates during the Antietam Campaign, and the following summer suffered serious damage during the Gettysburg Campaign. In 1864, Rebel raiders burned much of its headquarters town, Chambersburg, including the homes of many CVRR employees. The railroad was as vital to residents of the bustling and fertile Cumberland Valley as it was to the Union war effort. Targeted Tracks is grounded on the railway’s voluminous reports, the letters and diaries of local residents and Union and Confederate soldiers, official reports, and newspaper accounts. The primary sources, combined with the expertise of the authors, bring this largely untold story to life. “Mingus and Wingert have done a splendid job telling the story of the industrial, economic, social, and military history of the CVRR . . . engaging.” —Ted Alexander, chief historian (ret.), Antietam National Battlefield
The definitive account of the Battle of Antietam, the bloodiest day of the Civil War. The memory of the Battle of Antietam was so haunting that when, nine months later, Major Rufus Dawes learned another Antietam battle might be on the horizon, he wrote, "I hope not, I dread the thought of the place." In this definitive account, historian D. Scott Hartwig chronicles the single bloodiest day in American history, which resulted in 23,000 casualties. The Battle of Antietam marked a vital turning point in the war: afterward, the conflict could no longer be understood as a limited war to preserve the Union, but was now clearly a conflict over slavery. Though the battle was tactically inconclusive, Robert E. Lee withdrew first from the battlefield, thus handing President Lincoln the political ammunition necessary to issue the Emancipation Proclamation. This is the full story of Antietam, ranging from the opening shots of the battle to the powerful reverberations—military, political, and social—it sent through the armies and the nation. Based on decades of research, this in-depth narrative sheds particular light on the visceral experience of battle, an often misunderstood aspect of the American Civil War, and the emotional aftermath for those who survived. Hartwig provides an hour-by-hour tactical history of the battle, beginning before dawn on September 17 and concluding with the immediate aftermath, including General McClellan's fateful decision not to pursue Lee's retreating forces back across the Potomac to Virginia. With 21 unique maps illustrating the state of the battle at intervals ranging from 20 to 120 minutes, this long-awaited companion to Hartwig's To Antietam Creek will be essential reading for anyone interested in the Civil War.
TRB’s Transit Cooperative Research Program (TCRP) Synthesis 89: Public Participation Strategies for Transit documents the state-of-the-practice in terms of public participation strategies to inform and engage the public for transit-related activities.
A richly detailed account of the hard-fought campaign that led to Antietam Creek and changed the course of the Civil War. In early September 1862 thousands of Union soldiers huddled within the defenses of Washington, disorganized and discouraged from their recent defeat at Second Manassas. Confederate General Robert E. Lee then led his tough and confident Army of Northern Virginia into Maryland in a bold gamble to force a showdown that could win Southern independence. The future of the Union hung in the balance. The campaign that followed lasted only two weeks, but it changed the course of the Civil War. D. Scott Hartwig delivers a riveting first installment of a two-volume study of the campaign and climactic battle. It takes the reader from the controversial return of George B. McClellan as commander of the Army of the Potomac through the Confederate invasion, the siege and capture of Harpers Ferry, the daylong Battle of South Mountain, and, ultimately, to the eve of the great and terrible Battle of Antietam.
Whoever said learning about futures markets had to be boring? Futures markets are a mystery. Fortunes are made and lost in these markets, yet most people know little about how they work. In Back to the Futures, agricultural economist Scott Irwin explains why it’s essential to understand futures markets, whether you’re talking about grain, cattle, or the largest market of them all—crude oil. These massive markets lie at the heart of our economy, affecting us all. Irwin’s engaging storytelling style brings the madcap world of futures trading to life, drawing you in by sharing his wild, life-threatening adventures with motorcycles, snowmobiles, race cars, farm equipment, and renegade cows while growing up on an Iowa farm. Back to the Futures will keep you riveted as he explains how to reduce risk in today’s intense arena of commodity trading. This unique book brings in other experts as well, such as Terry Duffy, CEO of the CME Group (the largest commodity trading exchange in the world), and Leo Melamed, the man who revolutionized the market with electronic trading. Together, these experts combine their knowledge and experiences to provide clarity on the following topics: Why future markets are crucial for farmers and consumers. The critical role future markets play in our financial system. The role speculators play in making these markets work. And much more. Commodity futures trading has become a vital part of doing business in America. So, get ready to learn something new–and don’t be surprised if you find yourself highly entertained along the journey!
Whoever said learning about futures markets had to be boring? Futures markets are a mystery. Fortunes are made and lost in these markets, yet most people know little about how they work. In Back to the Futures, agricultural economist Scott Irwin explains why it’s essential to understand futures markets, whether you’re talking about grain, cattle, or the largest market of them all—crude oil. These massive markets lie at the heart of our economy, affecting us all. Irwin’s engaging storytelling style brings the madcap world of futures trading to life, drawing you in by sharing his wild, life-threatening adventures with motorcycles, snowmobiles, race cars, farm equipment, and renegade cows while growing up on an Iowa farm. Back to the Futures will keep you riveted as he explains how to reduce risk in today’s intense arena of commodity trading. This unique book brings in other experts as well, such as Terry Duffy, CEO of the CME Group (the largest commodity trading exchange in the world), and Leo Melamed, the man who revolutionized the market with electronic trading. Together, these experts combine their knowledge and experiences to provide clarity on the following topics: Why future markets are crucial for farmers and consumers. The critical role future markets play in our financial system. The role speculators play in making these markets work. And much more. Commodity futures trading has become a vital part of doing business in America. So, get ready to learn something new–and don’t be surprised if you find yourself highly entertained along the journey!
Commodity futures prices exploded in 2007-2008 and concerns about a new type of speculative participant in commodity futures markets began to emerge. The main argument was that unprecedented buying pressure from new "commodity index" investors created massive bubbles that resulted in prices substantially exceeding fundamental value. At the time, it was not uncommon to link concerns about speculation and high prices to world hunger, food crises, and civil unrest. Naturally, this outcry resulted in numerous regulatory proposals to restrict speculation in commodity futures markets. This book presents important research on the impact of index investment on commodity futures prices that the authors conducted over the last fifteen years. The eleven articles presented in the book follow the timeline of our involvement in the world-wide debate about index funds as it evolved after 2007. We also include an introductory chapter, new author forewords for each article chapter, and a lessons learned chapter to round out the book. Policy-makers, researchers, and market participants will find the book not only functions as useful documentation of the debate; but, also as a natural starting point when high commodity prices inevitably create the next speculation backlash.
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