Chase Danol

FUN FACT 🧅🧅🧅 ONIONS ARE THE ONLY VEGETABLE IN AMERICA YOU ARE LEGALLY BANNED FROM TRADING FUTURES ON THE REASON IS ONE OF THE CRAZIEST MARKET MANIPULATIONS IN HISTORY. IN 1955 2 CHICAGO TRADERS BOUGHT 30 MILLION POUNDS OF ACTUAL ONIONS THAT WAS 98% OF ALL THE ONIONS IN IN THE AREA THEN THEY LOADED UP ON ONION FUTURES TOO THEY DIDN'T JUST WANT TODAY'S ONIONS. THEY WANTED TOMORROW'S. THEY OWNED THE ENTIRE MARKET. THEN CAME THE BETRAYAL. THEY SOLD SOME AT THE TOP THEN THEY SECRETLY FLIPPED & SHORTED ONION FUTURES, AND DUMPED ALL OF ONIONS ONTO THE MARKET ALL AT ONCE. A 50 LB BAG WENT FROM $2.75 TO 10 CENTS FOR CONTEXT THE EMPTY BAG THAT THE ONIONS CAME IN COSTED 20 CENTS THE ONIONS WERE LITERALLY WORTH NEGATIVE THEY MADE MILLIONS. FARMERS WERE LEFT DUMPING ROTTING ONIONS BY THE TRUCKLOAD SO THE FARMERS WENT TO WASHINGTON AND A YOUNG MICHIGAN CONGRESSMAN TOOK UP THEIR FIGHT. HIS NAME? GERALD FORD. THE FUTURE PRESIDENT. IN 1958, ONION FUTURES WERE BANNED. NEARLY 70 YEARS LATER, THEY STILL ARE. BUT HERE'S THE TWIST ONION PRICES HAVE BEEN EVEN MORE VOLATILE SINCE THE BAN BECAUSE FARMERS CAN NO LONGER HEDGE CONGRESS TRIED TO PROTECT FARMERS AND ENDED UP HURTING THEM