The consequences will come:

This battle of wits to anticipate the basis of conventional valuation a few months hence, rather than the prospective yield of an investment over a long term of years, does not even require gulls amongst the public to feed the maws of the professional; — it can be played by professionals amongst themselves. Nor is it necessary that anyone should keep his simple faith in the conventional basis of valuation having any genuine long-term validity. For it is, so to speak, a game of Snap, of Old Maid, of Musical Chairs — a pastime in which he is victor who says Snap neither too soon nor too late, who passes the Old Maid to his neighbour before the game is over, who secures a chair for himself when the music stops. These games can be played with zest and enjoyment, though all the players know that it is the Old Maid which is circulating, or that when the music stops some of the players will find themselves unseated.

…The speculators’ activities have caused bankruptcies, food riots, panics and killings. Should they be publicly flogged?…

IMHO it’s the politicians, pandering to a typical special-interest coalition of grifters and zealots, who established quotas, tariffs and mandates that underpin high prices. I don’t consider myself doctrinaire (pro or con) about regulation, but afaic we should rectify dumb and corrupt government policies before we worry whether the market is malfunctioning.