He who sells what isn't his'n
Must buy it back or go to prison
This little ditty, no less than 60 years old, is one of the meatiest definitions of short-selling ever penned. Last week as trading in May grain contracts drew to a close on the Chicago Board of Trade, the economic profundity of the Gould definition was clearly demonstrated once again. Speculators had sold corn they did not own for delivery on the last trading day in May. Of course, the speculators hoped that in the meantime they could buy back the corn they had sold at lower prices. But...
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