— John Kemp is a Reuters market analyst. The views expressed are his own —

By John Kemp

LONDON, June 30 (Reuters) – “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices”, wrote Adam Smith in his famous “Inquiry into the Nature and Causes of the Wealth of Nations” in 1776.