Most stock market speculation is based upon either random calculations or upon restricted information. The first group of speculations includes games and betting in all their forms, particularly the purchase and sale within the account that is often performed in precarious circumstances: purchase without the available funds when the trade is opened and sale without possessing at that date the contract for the asset concerned. The second category relates to ―misdemeanours or commercial crimes: misrepresentation, deceit, monopoly, cornering a market, misappropriation of funds, disloyalty, extortion, fraud, theft.” Proudhon was very shocked to find that “the financial world admits, tolerates, excuses.
