Sometimes conspiracy theories are true. One hundred and sixty years ago a few dozen Chicago businessmen met in secret and decided to control the future. The men were grain merchants frustrated at the current production system for corn and wheat. When prices were high, individual farmers had every incentive to produce as much as possible. Yet, excess supply then drove prices down so low it cost more to store or ship the annual harvest than to burn it for fuel or dump it in Lake Michigan. One season to the next, no farmer knew at what price he could sell and no merchant knew in what quantity he could buy.
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