One problem with the focus on speculation is that it tends to promote the growth of the great intellectual cancer of our times: conspiracy theories.

Conspiracy theories feed on opacity, and that's a longtime problem with short selling. Large long positions must be reported to the Securities and Exchange Commission in public filings, but not large short positions.

The problem with the focus on speculators, as was demonstrated during the financial crisis, is that it tends to divert attention from the real villains. During the financial crisis, the villains were the actions of the banks, not the speculators betting on bank share prices.

In a world of full of manipulation, half-truths and lies, the conspiracy theory is often a safer bet than the official story.

The conspiracy theories have never had it better.

Why do we love the idea that people might be secretly working together to control and organise the world? Because we don't like to face the fact that our world runs on a combination of chaos, incompetence and confusion.