George Soros has given a chilling warning that oil trading by speculators is causing oil prices to rocket sky high, writes Mrs. M. This is a crisis for all of us. Our petrol has gone soaring up and these high prices are resulting in misery for motorists and businesses.

My friend Rachael tells me that the other morning she filled up her second hand low-emissions diesel Volvo estate, and it cost her a whopping £83. (And still she sees Yummy Mummy and Co. driving their 4x4 Chelsea tractors with 4 litre engines between Notting Hill nurseries and Pilates!)

If the increase in oil prices is the result of manipulation by hedge funds, it means spectacular profits for a few speculators, and the whole economic market suffers as a result. German leaders are calling on a ban on oil trading by speculators. Germany is asking the G8 powers to prohibit leveraged trading on energy contracts by ‘locust funds.' There are concerns that funds are causing a fresh bubble in commodities and putting us at risk of further havoc. Of course, speculators claim they are only a minor factor in the soaring oil prices, but then they would, wouldn't they? Germany insists that the last 25 per cent rise has nothing to do with supply and demand. "It's pure speculation."

President Horst Kohler said ‘modern capitalism had turned into a monster,' bringing the entire financial system to the brink of collapse this spring.

We've experienced so many economic shocks in the last few months that it's difficult to stay optimistic about the future. Hasn't the moment arrived to control and regulate the excesses of speculators and hedge funds?