GI’s get killed, stocks go up - rich bastards win again

AP 7/28/03 – WASHINGTON, U.S.: The Pentagon is setting up a stock-market style system in which investors would bet on terror attacks, assassinations and other events in the Middle East. Defense officials hope to gain intelligence and useful predictions while investors who guessed right would win profits.

The market would work this way. Investors would buy and sell futures contracts — essentially a series of predictions about what they believe might happen in the Mideast. Holder of a futures contract that came true would collect the proceeds of investors who put money into the market but predicted wrong.

A graphic [see above] on the market's Web page showed hypothetical futures contracts in which investors could trade on the likelihood that Palestinian leader Yasser Arafat would be assassinated or Jordanian King Abdullah II would be overthrown.

Although the Web site described the Policy Analysis Market as "a market in the future of the Middle East," the graphic also included the possibility of a North Korea missile attack.

The description of the market on its Web site makes it appear similar to a computer-based commodities market. Contracts would be available based on economic health, civil stability, military disposition and U.S. economic and military involvement in Egypt, Iran, Iraq, Israel, Jordan, Saudi Arabia, Syria and Turkey.

Contracts would also be available on "global economic and conflict indicators" and specific events, for example U.S. recognition of a Palestinian state.

Traders who believe an event will occur can buy a futures contract. Those who believe the event is unlikely can try to sell a contract. The Web site does not address how much money investors would be likely to put into the market but says analysts would be motivated by the "prospect of profit and at pain of loss" to make accurate predictions.

Wyden said $600,000 has been spent on the program so far and the Pentagon plans to spend an additional $149,000 this year. The Pentagon has requested $3 million for the program for next year and $5 million for the following year.

Comment: No wonder Bush blurted, “Bring ‘em on!” to the Iraqi resistance - he probably bet a lot of money that GIs would keep getting killed! As if the oil contracts weren’t enough.

A few days before the program was to be unveiled and betting to begin, the Pentagon cancelled the program. They must have realized that if the Third Infantry division is pissed now, they’d probably mutiny if they heard that the brass was betting on their asses getting nailed.

Even though it was cancelled, it goes to show if you ever felt like you were a number on some graph on some chart somewhere in Washington, rest assured – you felt right.

source: http://story.news.yahoo.com/news?tmpl=story&cid=514&e=6&u=/ap/20030729/ap_on_go_ca_st_pe/terror_market_10