Madsen takes on speculators this week. Or, rather, people who object to speculators. As Madsen explains, when you think about what speculators do on an individual level, they seem rather reasonable — and, indeed, valuable to the rest of us. Speculators are a form of insurers. They don't gamble any more than your car insurer does, but they absorb risk so you don't have to worry about it. It's all a form of specialization and trade.

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