[B]John, [/B]I’m sure you’re right. But, only Congress can rein in the CFTC, and halt the abuse. Either Congress does it, or it doesn’t get done.
But, I’m not holding my breath. That’s why I have a strong interest in this thread, and in the whole issue of getting bank accounts and trading accounts offshore and out of the reach of the CFTC.
I have called the CFTC the Commodity Futures Trading Gestapo, because that’s how they have behaved, in my view — and that’s how I expect them to continue to behave.
[B]Biker,[/B] regarding your first and third questions, I’m going to resist the urge to get on my soapbox and launch into a rant against the government.
I’m not a political activist. So, apart from individual letters or phone calls to members of Congress, I don’t know how to organize a pressure group, or a PAC.
And I have to confess that it’s not really how I want to spend my time. I just want to be left alone, to conduct my own affairs in the way I think is best.
Regarding your second question (about a forex market for institutional players only), that’s the way it was 15 or so years ago. At that time, there was no retail forex market. There was no way for small traders to participate in [I]leveraged[/I] currency trading. I would not rule out a return to those “bad old days”. But, if that happens, it will come about in stages. The CFTC appears to be waging a war of attrition on retail forex; and attrition takes time.
I expect the government to push for two things: (1) harmonizing the regulation of retail forex around the world, and
(2) forcing retail forex onto a government-regulated exchange.
If (1) is achieved, then all of the information developed in this thread will become useless — there will be no “offshore” where the tentacles of the CFTC can’t reach.
If (2) is achieved, then the high-risk/high-reward aspect of retail forex will be gone forever. Retail forex will become just one more “product” — like stocks, or ETF’s, or bonds, or gold coins — that Charles Schwab, or your neighborhood bank, can get you into.