At the end of 2020 the water “futures” of California, the largest state in the United States in population and economy, were floated on Wall Street for the first time, under the banner of Nasdaq Veles California Water Index.1 It was the first flotation of its kind, offering potential investors the opportunity to hedge against the future availability of water in California: in simple terms, to get rich from the scarcity of the most important substance for all human, animal and plant life to survive.