A perverse trade in any dystopia you believe may soon be reality is brisk. Buyers can purchase shares in how likely it is that 2025 will be the hottest year on record or if a nuclear weapon will detonate soon
Buyers can purchase shares in how likely it is that 2025 will be the hottest year on record or if a nuclear weapon will detonate soon
If the event happens the bond is triggered and a payout is made. If it doesn’t the issuer gets their initial investment back – with interest. But how this “happening” is measured for the purposes of a payout is Byzantine in its complexity. A similar story occurred in 2014 when Storm Odile struck Mexico, causing an estimated $1.22 billion damage. Pressure readings were hampered by the storm itself; some weather stations had even been barricaded to protect them from damage. The definitive reading of 943.1 millibars was taken by Josh Morgerman, an amateur storm chaser from, just shy of the 930 millibar reading necessary for a $50 million payout.
But are markets really the best tool for dealing with a crisis that affects us all but which costs vulnerable communities so much more? In What Money Can’t Buy, Michael Sandel explores the moral conundrum of selling “goods” such as superior healthcare, organs, and the right to pollute – which is to say, he debates the morality of turning these things into an economic good in the first place.
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