The historic short squeeze, engineered by millions of deeply cynical small traders, exposed just how rigged the market has been. (You can also download THE WOLF STREET REPORT wherever you get your podcasts).
Whoever controls the narrative controls the world. That’s all you’re seeing in efforts to manage information via censorship, algorithm changes, “fact” checking, Russian propaganda panic, etc. Humans are story-driven animals, so if you control the stories you control the humans.
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Lessons from this whole Wall Street/Reddit ordeal:
- The stock market is a scam.
- There is no “free market” and there never will be.
- Wall Street predators are the most despised people on earth.
- The public can do more to fight back than it had previously assumed.
- There’s surely a lot more we can do to fight back that we haven’t thought of yet.
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You can’t expose how rigged the system really is without pushing against its power structures according to its own rules. When the entire system pushes back and boots you out in front of everyone, more people are made more aware that it is rigged. This can only be a good thing.
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Every single hedge fund plutocrat has at some point in their lives thought the words “I can’t believe I’m getting away with this!”
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This is another one of those awkward “we need to shut down the rabble without looking like a totalitarian oligarchy” standoffs.
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Myth: The rich compete with each other and ordinary people benefit from it.
Reality: The rich collaborate with each other against ordinary people.
Example:
It will always tend to be more profitable to do bad things than good things: ecocide over preservation, exploitation over equality, war over peace. Humanity remains on a doomed trajectory for as long as its systems maintain profit-seeking as the driving force behind its behavior.
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