The influx of speculative capital into the commodities market is playing havoc with production networks in Africa and Asia. The subprime crisis was clearly happ

The influx of speculative capital into the commodities market is playing havoc with production networks in Africa and Asia. The subprime crisis was clearly happening as early as 2005: look at when Soros started betting against the USD. When people say "efficient markets" they usually mean "efficient at not sucking" and/or "efficient at producing socially optimal outcomes". It is usually considered self-explanatory that people act in what they perceive to be their self-interest.