Guillermo Calvo is one of my favorite economists. But — you know there had to be a but — I just don’t buy his latest missive. Still, it’s important that we have this debate: something awesome is happening to oil and other commodities, and figuring out what it means is crucial. So, a couple of points. First, Calvo dismisses the argument that the absence of physical hoarding is evidence against a sp
![Calvo on commodities](https://cdn-ak-scissors.b.st-hatena.com/image/square/cfb134edf543e94295d229f5224c8a8f1174c76d/height=288;version=1;width=512/https%3A%2F%2Fstatic01.nyt.com%2Fpackages%2Fimages%2Ficons%2Ft_logo_300_black.png)