A nice observation from Tim Worstall this morning on why speculators send us all the right signals.

Money is great for buying much-needed gardening equipment and the like. But more importantly it is the ultimate information system.

Reflecting the accumulated choices of trillions of daily free transactions, money tells you everything you need to know about the relative value of things and activities – and their likely value in the future.

As Tim Worstall says, "Pretty good system? Eh?"

Indeed. Even if sometimes it tells you things about yourself which you really don’t want to hear…