What did we bet on?

From “Infinite Debt: How unlimited interest rates destroyed the economy” by Thomas Geoghegan in Harper’s Magazine, April 2009, p. 38:

I don’t mind futures on the weather, or futures on interest rates, or even futures on the fluctuations of the price of bleacher seats for Cubs games, but I really have trouble with futures on the futures, bets on the outcomes of all the bets. That’s to me what seems like Babylon, if the Babylonians had behaved as badly as we do and had gotten rid of their usury laws.

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