MoneyWisdom #465

"...if Knightian uncertainty is real, in the sense that no economic future is genuinely knowable, it may be that in trading derivatives, one is not engaging in a perversion of market practices, but in fact in the purest and most essential form of markets. The speculative, 'casino' economy would then be the true economy, not some perverted vampiric formation on the 'real' economy. Derivatives trading would then represent confidence in the market as such, not in any specific transaction."

Joshua Ramey Politics of Divination (2016) p.136