Levine's article "Arbitrage Discovered" might be my all-time favorite econ essay. It's about an investment product that let you trade on past stock prices in the present. Levine is usually pretty calm and wonkish, but this arrangement was so breathtakingly self-destructive that he spends the piece writing things like "It's not actually an arbitrage. EXCEPT NO HOLY GOD IT IS THIS IS AMAZING."
https://www.bloomberg.com/opinion/articles/2015-02-27/arbitr...