Traps we know (and fall into anyway)
Two articles have been sitting in my head this week, Westenberg’s “Everything Casino” and Coppins’ “Sucker: My Year as a Degenerate Gambler.” (links and writing updates at end)
Both are long, worthy reads filled with historical parallels but I’ll try to give you the highlights.
Westenberg’s metaphor of capitalism as a casino is surprisingly apt. I learned the term financialization: “a process whereby financial markets, financial institutions and financial elites gain greater influence over economic policy and economic outcomes.”
I’ve thought for a long time that capitalism as practiced in the United States treats market forces as the goal rather than the means to an end. For instance, we could let the market set the price of bread and strengthen social safety nets so fewer people go without food.
But the casino as a metaphor sums it up nicely. A few people win become rich, some people break even, and a lot of people lose big. We celebrate the winners as if luck wasn’t a factor. We ignore the losers because we tell ourselves this is natural order; in the casino exits are hidden and there are no clocks on the walls. We forget that we could organize our society differently.
Coppins’ article demonstrates everything Westenberg talks about. Coppins, a practicing Mormon, takes on gambling as a journalist exercise. At thirteen weeks, he was breaking even. At fourteen weeks he goes into a tailspin and makes a bunch of sucker bets hoping to win back his losses.
The societal effects were what I was most interested in though. Sports betting was initially embraced by team owners because it increased ratings. But now (financialization anyone?) the sports betting industry has become increasingly influential. Including lobbying against laws meant to protect gambling addicts.
This is where my mind goes back to what Westenberg wrote - if you aren’t one of capitalism’s winners, there are no safe bets for you. There’s no incentive to be “the person who plants a tree knowing they'll never sit in its shade.”
Disincentivizing investing in society’s long-term stability sets off a vicious cycle; less stability for the next generation and more desperate plays.
For all this, there is a way out. There are plenty of examples in other countries of how to structure effective social programs, as researched in “Another World is Possible.”
Okay, so those are my world thoughts. Writing thoughts. I’ve written one more chapter and thought up a plot twist. I used to be a plotter. I would put my plot on notecards and arrange everything in order. Now I’m more of a pantser, as they say. Making up the plot as I go along.
p.s. the story of “DOSTOEVSKY AND THE TABLE” in Westenberg’s article is very cool. Life imitating art imitating life.
Everything's Casino
On the evening of February 28, 2026, American B-2 bombers lifted off from Whiteman Air Force Base in Missouri. By the time they reached Iranian airspace, Tomahawk missiles were already in flight from submarines in the Persian Gulf. Operation Epic Fury hit over a thousand targets in its opening hours.
My Year as a Degenerate Sports Gambler - The Atlantic
Practically overnight, America made wagering on a game as frictionless as checking the weather. I was determined to understand the consequences—for my country, and for myself.
Financialization: What It Is and Why It Matters
Financialization is a process whereby financial markets, financial institutions and financial elites gain greater influence over economic policy and economic outcomes. Financialization transforms the
