New Censorship: US Government Bans a Betting Market

New Censorship: US Government Bans a Betting Market. By Jeffrey Anderson.

These days, the website PredictIt is about the only place to go for unfiltered opinions of everyday Americans speculating on the future of U.S. politics. PredictIt users have registered their collective opinion that Joe Biden has only a 20 percent chance of being reelected in 2024 — a staggeringly low number for a president who’s barely a year and a half into his term.

Naturally, the Biden Administration wants to shut it down.

The Commodity Futures Trading Commission (CFTC), headed by Biden appointee Rostin Behnam, has decreed that PredictIt must cease operations by February 15, 2023. The [obstensible] reason is unclear. … PredictIt “maintains that all open markets are within the terms of the . . . letter.”

PredictIt gave voice to real Americans, not propaganda:

PredictIt lets everyone see what everyday Americans, rather than just “experts,” think about future political events, without filtering those opinions through potentially biased pollsters. This makes the site a valuable resource. …

It’s similarly useful to see that the collective prediction on PredictIt is that Liz Cheney had just a three percent chance of winning Tuesday’s Republican primary for the Wyoming House seat. And it’s perhaps especially informative to see that Americans think Ron DeSantis (29 percent) and Donald Trump (25 percent) are each more likely than Joe Biden (20 percent) to win the 2024 presidential election. …

Because the government cannot corrupt it with newly printed money:

At PredictIt, Americans can give opinions on various matters, provided that they’re willing to put their money where their mouths are. (Unlike ubiquitous sports betting, however, this is not the way for someone to try to get rich — as the site specifies, the maximum allowable “investment” on any “prediction” is $850.)

Only comrades and approved people have a voice under democratic socialism.