For Our Futures retweeted
This is amazing. In case you weren’t aware, onion futures trading has been banned in the US since 1958.
In the 50s, two traders cornered the onion market, then dumped their supply to crash prices while betting against them.
Onion prices fell 96%, devastating farmers, so congress responded by banning onion futures trading, and the ban remains in place today.
I actually bought an onion future in a yellow onion a couple of months ago via the San Francisco Onion Futures Company and look forward to my delivery next month
onionfutures.com
In the 50s, two traders cornered the onion market, then dumped their supply to crash prices while betting against them.
Onion prices fell 96%, devastating farmers, so congress responded by banning onion futures trading, and the ban remains in place today.
I actually bought an onion future in a yellow onion a couple of months ago via the San Francisco Onion Futures Company and look forward to my delivery next month
onionfutures.com
HAPPENING NOW in downtown Chicago, outside the Chicago Mercantile Exchange, the historic center of onion futures trading
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“Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has.” x.com/i/trending/211…
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For Our Futures retweeted
A good rule of history: if you find yourself opposing a student movement while siding with the ruling class, you're wrong. Every time, in every era, whatever the issue.
x.com/i/trending/211…
x.com/i/trending/211…
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For Our Futures retweeted
Amazingly, onions are the only American agricultural commodity explicitly banned from futures trading.
This is thanks to an overzealous federal reaction to Chicago-based market manipulation in the late 1950s.
Now these heroic UChicago students are campaigning to overturn the Onion Futures Act of 1958.
This is thanks to an overzealous federal reaction to Chicago-based market manipulation in the late 1950s.
Now these heroic UChicago students are campaigning to overturn the Onion Futures Act of 1958.
“Fifty eight, out of date! Let our onions speculate!”
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HAPPENING NOW in downtown Chicago, outside the Chicago Mercantile Exchange, the historic center of onion futures trading
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On our way!
University of Chicago Students to Protest at Chicago Mercantile Exchange, Demand End to Federal Ban on Onion Futures
Student-led group For Our Futures will rally Monday morning to call for repeal of the 1958 Onion Futures Act
On Monday, October 19, at 8:30 a.m., members of For led organization from @UChicago, will gather outside the Chicago Mercantile Exchange (@CMEGroup) headquarters to demand the repeal of the Onion Futures Act of 1958, a nearly 70-year-old federal law prohibiting futures trading in onions.
The Onion Futures Act, enacted following allegations of market manipulation in the 1950s, singled out onions for a prohibition on futures contracts that remains in effect today. For Our Futures is calling on Congress to repeal the ban and restore the ability of onion growers, buyers, and traders to participate in a regulated futures market. Onions remain the only commodity banned from futures trading in the United States.
The protest will feature a giant inflatable onion costume, protest signs, and dozens of students, and will take place outside the headquarters of CME Group, one of the world's largest derivatives marketplaces and the historic center of American onion futures trading.
DM for details
cc: @pointsnfigures1 @CharlesFLehman @matt_levine @nbcchicago @ABC7Chicago @cbsnewschicago @WGNNews @fox32news @WBEZ @Suntimes @BlockClubCHI @chalkbeatCHI @SeanCasten @mansourtarek_
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University of Chicago Students to Protest at Chicago Mercantile Exchange, Demand End to Federal Ban on Onion Futures
Student-led group For Our Futures will rally Monday morning to call for repeal of the 1958 Onion Futures Act
On Monday, October 19, at 8:30 a.m., members of For led organization from @UChicago, will gather outside the Chicago Mercantile Exchange (@CMEGroup) headquarters to demand the repeal of the Onion Futures Act of 1958, a nearly 70-year-old federal law prohibiting futures trading in onions.
The Onion Futures Act, enacted following allegations of market manipulation in the 1950s, singled out onions for a prohibition on futures contracts that remains in effect today. For Our Futures is calling on Congress to repeal the ban and restore the ability of onion growers, buyers, and traders to participate in a regulated futures market. Onions remain the only commodity banned from futures trading in the United States.
The protest will feature a giant inflatable onion costume, protest signs, and dozens of students, and will take place outside the headquarters of CME Group, one of the world's largest derivatives marketplaces and the historic center of American onion futures trading.
DM for details
cc: @pointsnfigures1 @CharlesFLehman @matt_levine @nbcchicago @ABC7Chicago @cbsnewschicago @WGNNews @fox32news @WBEZ @Suntimes @BlockClubCHI @chalkbeatCHI @SeanCasten @mansourtarek_
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Please join us this Monday at the @CMEGroup (Chicago Mercantile Exchange) to rally for justice, financial markets, and onions. We will be arranging transport for @UChicago students.
actionnetwork.org/events/protest…
cc: @TheStalwart @mansourtarek_ @fblawler @chicagophoenix_ @TheOnion rtarek_ @cblatts @CharlesFLehman @ChicagoNewLibs @iampaulgrewal @HereComesKumar @chicagotribune @LinkofSunshine @AjitPai @JakeSheridan_ @BradBourque @Knibbs @matt_levine @mattyglesias @Noahpinion @SeanCasten @pointsnfigures1 @emmma_camp_ @wttw @cbschicago @nbcchicago @WBEZ @Suntimes @chicagotribune
actionnetwork.org/events/protest…
cc: @TheStalwart @mansourtarek_ @fblawler @chicagophoenix_ @TheOnion rtarek_ @cblatts @CharlesFLehman @ChicagoNewLibs @iampaulgrewal @HereComesKumar @chicagotribune @LinkofSunshine @AjitPai @JakeSheridan_ @BradBourque @Knibbs @matt_levine @mattyglesias @Noahpinion @SeanCasten @pointsnfigures1 @emmma_camp_ @wttw @cbschicago @nbcchicago @WBEZ @Suntimes @chicagotribune
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