 Thus, for each axiom, the individual bets involved in making the book are fair, which is to say they have an expected value of zero, when calculated using the agent’s betting quotients, yet collectively they will produce a sure loss. The Dutch Book argument assumes that an agent’s degrees of belief are linked with her betting quotients. This, together with the Dutch Book theorem, is used to establish that degrees of belief that violate the probability axioms are associated with bets that are fair in the above sense, yet are also tied to a sure loss. The argument then concludes that agents ought to obey the axioms. This leaves open just what the association amounts to and what sort of problem the prospect of such sure loss is supposed to be.