So high-frequency trading is pretty clearly insane and has fuck all to do with useful economic activity. There are billions of dollars to be “made” out there, but they only reward whoever has the shiniest computers, fastest microwave connections to the stock exchange, and smartest algorithms; and they all come at the expense of those who think they can keep up but fall behind due to inferior ability to play the market.
Huge amounts of human endeavour are being poured into this system by those who hope to get personally rich from it. Not to blame them exclusively for that; they exist in a culture which tells them every day that making money is the most patriotic and noble thing you can do and so long as you stop somewhere short of literally drowning puppies in the process you should feel great about it.
And yet nobody’s producing anything useful while all this is going on. Nothing’s being built or designed; the creative or communal aspect of the human spirit is not being enriched. Just billions of dollars being thrown around, won and lost, inflicting massive rewards or punishments on the participants so chaotically that I’m not sure we’d notice the difference if it were truly random.
Obviously this is all crazy. But the mistake people make is in thinking it’s crazy like, say, quantum mechanics is crazy. Quantum mechanics is crazy, in the sense that it’s a bizarre and inexplicable and counter-intuitive system, which nobody would have designed anything like that, but it also has an unavoidable connection to the real world. It models our best current understanding of how the world just is, at a fundamental level. Whether you believe it or not, whether you want to rearrange things in a way that strikes you as more sensible or not, quantum mechanics is going to carry on, because that’s just how things are.
Whereas high-frequency trading is crazy like stoning gay people to death is crazy. It’s something our species invented, and which we’re quite capable of subsequently identifying as complete bollocks and rejecting as unworthy.