Imagine that the insiders either directly or indirectly control the rule based governance of the exchanges, which are often supposed to be self-regulating in those areas in which the government is not able to exert the rule of law.
What is there to limit the ability of those insiders to set prices where they wish for their own benefit? What are the real world consequences such as being required to actually deliver something which they have sold, or pay a serious and personal criminal penalty when they are caught rigging the game and breaking the rules?
In such a system, one has to ask themselves, what is there to keep this market from just degenerating into a control fraud, a type of killing field, where those in the real economy who dare to venture in, either willingly or without recourse, are led into a blind alley and robbed, and sometimes economically strangled for the benefit of a few?
And what are the likely longer term consequences to the real world of people who work and produce things, of such a corrupt and inefficient arrangement? Some might suggest the decimation of certain industries and economic sectors, eventual systemic shortages, significant inequality of power and wealth, and a straining of the social fabric in widespread cynicism and discontent.
Who could even imagine people allowing such a dreadful state of affairs to exist, especially in a land of the free?
"He prompts you what to say, and then listens to you, and praises you, and encourages you. He bids you mount aloft. He shows you how to become as gods. Then he laughs and jokes with you, and gets intimate with you; he takes your hand, and gets his fingers between yours, and grasps them, and then you are his."Have a pleasant evening.