Trading on Death
This story is so weird, I thought somebody made it up. A group within the Defense Department actually created an online market where traders could buy futures based on possible future events in the Middle East–war, assassinations, terror attacks, and so on. The theory is that people who prognosticate with their money, like football handicappers, would be more accurate in their forecasting than other policy analysts.
The website is still up, if you don’t believe me: The Policy Analysis Market
My question is this: How did this repulsive idea make it into the open light of day before somebody in authority said, “What in God’s name are you thinking?”