Indeed, every nation on earth seems to be responding to a different aspect of the global commodities bull market. In the US, the focus is on oil, while in the developing world, it's on food. And the culprits vary as well, For some, its speculation itself; for others, it's the new-fangled long-only index funds; and for still others, it's misguided government policy. Somewhere in there, you find references to supply and demand and the weak dollar. Trillions of investment dollars are looking for a home, and one place they've found it is with so-called "index speculators," who follow a simple strategy. Rather than trying to pick and choose and time their trades and play both sides of the market like commodity trading advisors (CTAs), they make a passive long-only investment in a basket of commodities, in the belief that it will add overall performance and reduce risk.