E populist these days. President Donald Trump has directed his fury at elites in politics, academia and commerce. The spirit has captured financial markets, too. Cryptocurrencies, say their advocates, do away with the need for rent-seeking intermediaries; prediction markets allow anyone to bet on anything. Tech bosses speak directly to their adoring investors on podcasts, rather than through newspapers. Wall Street bigwigs talk about markets being "democratised", which in fact means opening up financial risk to everyone.
