right from the start the usda wanted to gather agricultural statistics because they wanted to reduce the individual uncertainty that farmers experienced when they were trying to get fair prices 00:22:11 for their crops because speculators could take advantage of the uncertainties of supply and demand speculators could circulate rumors of crop failure if they wanted to drive prices up and 00:22:24 they could spread rumors of record-setting yields if they wanted to drive prices down
he piece of information that stuck out to me was the fact that speculators could just blatantly lie to manipulate the market in their favor. I find this hard to comprehend in the 21st century. In the modern day, market manipulation still exists to some degree, but the idea someone can blatantly make up facts about the yield of a product and have no one there to fact-check them is shocking and terrifying to imagine. Now I am very happy the USDA exists, without it, we would have wild market fluctuations on material goods such as food, which seems to be the case during the 1840s and earlier. I think it also shows how unreliable data tracking really was before the creation of the USDA if people could just spread rumors and have that massively affect the market. It kind of reminds me of the market fluctuations you see in cryptocurrencies, where the word of Elon Musk can make the value of a coin drastically inflate or deflate based on what he says.