Cashing In on Chaos: Finn Brunton on Polymarket, Polycrisis and the Casinoification of American Life

“If a society cannot find a way to deal with something that is actively melting it from within, then that is a terminal symptom.” — Finn Brunton   A couple of days ago, Donald Trump Jr.’s investment firm, 1789 Capital, led a billion-dollar funding round in Polymarket. As today’s guest, the fintech expert Finn Brunton [https://harpers.org/archive/2026/09/the-chaos-machine-finn-brunton-crypto-anarchism/], notes in an insightful Harper’s essay this month, prediction markets like Polymarket and Kalshi are transforming America into an always-on gambling den. No wonder, then, that the Trumps are such gleeful participants in what Brunton calls “the casinoification of modern life.” From the father’s Taj Mahal in Atlantic City to the son’s Taj on everyone’s phone. “Trade on Anything” as Kalshi promises (or threatens) us.   In “The Chaos Machine [https://harpers.org/archive/2026/09/the-chaos-machine-finn-brunton-crypto-anarchism/],” Brunton introduces us to two visionaries of prediction marketplaces. On the one hand, there’s the idealistic Robin Hanson, who dreamed of prediction markets as machines for truth with experts betting real money and generating trustworthy odds about the future. And then there’s Tim May, a self-described crypto-anarchist, the “bad guy,” according to Brunton, who invented the idea of BlackNet as an anonymous marketplace designed to destroy institutional trust from within. Brunton warns that today’s prediction marketplaces have bet on May, rather than Hanson. They are insider-trading machines where the smart money is always on the other side of the table.   It’s no wonder that Donald Trump Jr.’s investment firm is called 1789 Capital. By investing in prediction marketplaces, they are accelerating an anarchic French rather than institutionally trustworthy American-style revolution. These BlackNet operations are both the cause and effect of today’s destruction of trust. Polymarket is the polycrisis. It is cashing in on chaos.   Five Takeaways   •       From Papal Bets to Polymarket. Prediction markets are centuries old — people have wagered on wars, weather, elections, and popes — but the modern idea belongs to the economist Robin Hanson, the hedgehog (per Isaiah Berlin) with one big idea: turn expert opinion into a market. Since experts are famously bad at prediction (Philip Tetlock’s research), make them bet: specify the outcome precisely, let the odds be anonymous, and people must wager what they really believe rather than what fits in or stands out. Hanson’s markets were meant for specialists — internal corporate markets synthesizing insider knowledge into actionable odds — not Surowiecki’s cow-weighing crowds. However disputed, Brunton insists, it was “a fundamentally positive idea”: a machine for honest consensus about the future. •       The Casinoification of Modern Life. Polymarket founder Shayne Coplan credits Hanson outright — then flips him. The modern slogan: “monetize any difference in opinion.” The sportsbook has been absorbed and joined by elections, crude prices, and missile strikes — anything anyone will bet on. The tragedy, per Brunton: an idea about synthesizing expertise became “the spread of gambling into every aspect of contemporary living.” And the experts who do bet are now effectively insider traders — a possibility Hanson, contrarian to the last, actually welcomes, but which has made the platforms “rip-off machines in which people who know what’s going to happen… exploit suckers.” The data is unambiguous: a handful of whales win; everyone else loses. The platforms’ defense — we just give people what they want — is, Brunton notes, the classic play of buying time against regulation, perfected by YouTube a generation ago. Meanwhile New York’s subway ads sell the flattering fantasy that you’re not gambling; you’re deploying