Bernstein in the FT nails it: when investors can’t distinguish financial markets from prediction markets, speculation isn’t a side effect — it’s the operating system.
The real question is what could actually break the current casino atmosphere.
We need leaders who can spell out what's happening clearly and with force.
Richard Bernstein in the @FT; "When investors can’t tell the difference between financial markets and prediction markets, it’s clear that speculation is flourishing.
Investors should consider what might curtail the current casino atmosphere."
1/2 From @FT: "Berlin last year worked around a constitutional obligation to balance the budget, allowing the government to borrow €500bn to revamp its ailing infrastructure over 12 years, with a priority on trains, and to spend the same amount on the military.
Richard Bernstein in the @FT; "When investors can’t tell the difference between financial markets and prediction markets, it’s clear that speculation is flourishing.
Investors should consider what might curtail the current casino atmosphere."