The Commodity and Futures Trading Commission - one of an octet of irrational and destructive Federal financial Quangos recently 'banned' Intrade, the Ireland based global prediction marketplace, leading to its rapid closure. How a prediction marketplace that was widely recognized as a useful source of information on consensus crowd sourced expectations of future events came to be regulated by the CFTC is an example of how 'sensible' regulations can be made lunatic when the 'right' people get control of the immense and increasingly opaque Federal apparatus.
Which makes it doubly ironic that another part of the Federales are funding a massive study of mass prediction to 'prove' what Intrade had already proven for free. Dumber and dumberer is no way to go through history, Uncle Sam. Details from AEI at the link.
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