February 2, 2021 Somehow GameStop Short Squeeze almost perfectly describes
the past twelve months. The common story line echoes that of David and Goliath where
small investors take down a Wall Street hedge fund giant. We the People are
David, and the giant is a rigged economy where the big players always win.
The bigger story is one that exposes how fragile the system has
become. The ongoing romance between industry giants and our
governing authority has grown from a flirtatious Military/Industrial Complex
into a fully consummated Wall Street/Beltway union. Only now the Wall Street interests are global multinational corporations and banks. Each serves the other, feeding
off the native wealth of local economies.
Since the subprime of mortgage crisis of the late 1990s
whole edifice has been supported by cheap money with consumer inflation held in
check by outsourcing to the lowest global bidder. When Obama was inaugurated the
total stock market capitalization vs GDP was 60%. By the time Trump took office
it was 125% and now with Biden it’s 190%. www.zerohedge.com/markets/market-spring.
Our economy has become a house of cards.
So maybe GameStop more importantly marks the endgame of our
existing economic/political order.
The digital revolution has been nothing if not a game
changer, and by extension, both empowering and hugely destructive. On the one
hand, it has brought both flash mobs and crowd sourcing. On the other, it’s aggregating
economic and political power into a global feudalism where
First, Fourth and Fifth Amendment rights are increasingly conditional.
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