The US Pentagon abruptly scrapped a program to create a futures market based on terrorism and other geopolitical events after fierce condemnation last week.
A number of US senators blasted the idea when they disclosed that the Policy Analysis Market would allow speculators to take positions on the internet-based exchange regarding a future terrorist attack or assassination attempts. New York senator Hilary Clinton called it a "futures market in death".
The Pentagon's Defense Advanced Research Projects Agency (DARPA), justified the exchange saying it would be an avenue to gain intelligence about potential terrorists' plans. But critics said the exchange would actually encourage terrorist acts and allow them and others to profit on the exchange.
Democratic Sen. Byron Dorgan of North Dakota said the exchange idea is "incredibly stupid," won't produce useable information and is a waste of taxpayers' money.
"This is an appalling waste of taxpayer's money," said Dorgan, a...