New financial threat on the horizon?

A business worth £735bn a year could be the next bubble waiting to burst according to an article in today's Guardian. Exchange Traded Funds (ETFs) allow investors to buy shares in a market without actually ever owning the product, pure speculation!
There will be some who argue that it creates wealth for the country, but were is this wealth and why isn't it being used to clear the deficit? This is nothing but naked greed and creates massive wealth for the individuals involved while at the same time playing roulette with food prices, our pensions and future livelihoods!

When is the Government going to rein these cowboys in? Stupid question they have too many vested interests!