I won't say this is the best thing I've ever read on the subject, since that would imply I have sufficient knowledge of the financial markets to accurately eva

I won't say this is the best thing I've ever read on the subject, since that would imply I have sufficient knowledge of the financial markets to accurately evaluate what I'm reading. Instead, let me say this seems, or feels like the best thing I've read on the topic. In addition to relating the crisis to the Martingale betting system, the author describes how an ecosystem of bettors tends to converge on a Martingale-like system when playing with other people's money, and taking a percentage of the stake as a fee.