Pirrong says that speculation and hedging are linked: I go further and would point out that they are the two sides of the same coin.

FORBES: Posner's FDA for Financial Innovation: A Truly Terrible Idea

In light of the flood of government debt to finance budget deficits from the U.S. and Europe, demand for interest rate products that market participants use for hedging or speculation could outstrip our current forecasts.

FORBES: CME Can Catch A Bid To $342 With More Energy and Interest Rate Trading