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No. Speculation is what got us the great depression, the wall street collapse, the 2008 housing crisis, the current housing crisis, the crypyo crash, Theranos, Hyperloop and all the other tech bro grift schemes, the tulip mania in the Netherlands (Yes, there was a giant speculative bubble for flowers. I wish I was joking), etc etc etc etc.
Yup. Speculators play the role of taking on risk, which benefits producers by providing a smooth source of liquidity. Do some people get disgustingly rich for a role that doesn’t really produce much tangible? Sure. But in terms of structuring a market system, they play an important role.