 A more distinct interpretation holds that speculation typically includes very high levels of risk-taking (Borna &amp; Lowry 1987). This is morally problematic when the risks not only affect the gambler him or herself but also society as a whole. A root cause of the financial crisis of 2008 was widespread speculation on very risky derivatives such as “synthetic collateralized debt obligations” (see  section 1.2).  When the value of such derivatives fell dramatically, the financial system as a whole came to the brink of collapse. We will return to this issue below (in  section 4.3.1).