Water is now on Wall Street?

[Lady Freedom Returns]

I thought it was a joke at first, being A Late Show and all. But I went looking in on it (see article below). Sadly it's not.

California Water Futures Begin Trading Amid Fear of Scarcity
By Kim Chipman
December 6, 2020, 5:00 PM EST
Updated on December 7, 2020, 3:58 PM EST

Water joined gold, oil and other commodities traded on Wall Street, highlighting worries that the life-sustaining natural resource may become scarce across more of the world.

Farmers, hedge funds and municipalities alike are now able to hedge against -- or bet on -- future water availability in California, the biggest U.S. agriculture market and world’s fifth-largest economy. CME Group Inc.’s January 2021 contract, linked to California’s $1.1 billion spot water market, last traded Monday at 496 index points, equal to $496 per acre-foot.

The contracts, a first of their kind in the U.S., were announced in September as heat and wildfires ravaged the U.S. West Coast and as California was emerging from an eight-year drought. They are meant to serve both as a hedge for big water consumers, such as almond farmers and electric utilities, against water prices fluctuations as well a scarcity gauge for investors worldwide.

Read more @ https://www.bloomberg.com/news/articles/2020-12-06/water-futures-to-start-trading-amid-growing-fears-of-scarcity

[onecaliberal]

1. This is not good.

[Lady Freedom Returns]

5. When I first heard this on A Late Show, I thought it was a joke.

But I did some snooping, sadly it's not.
And you're right, it's not good at all.

[no_hypocrisy]

2. I have the same sinking feeling like I had 40 years ago when home mortgages

became subject to trading on Wall Street.

This will not end well.

[Lady Freedom Returns]

4. Don't think so either. n/t

[Kid Berwyn]

3. Then, they started charging us for air.

Those who could afford it, that is, the Saudis, the Musks, the Kushners...

[moondust]

6. Horrible.

No telling what somebody will do to somebody's water supply to try to "boost their portfolio." And water wars? Many believe oilmen Bush & Cheney invaded Iraq to gain access to all that oil. Games people play for profit.