The first edition of my book, The End of Money and the Future of Civilization, was published by Chelsea Green Publishing in 2009. While it remains
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Yesterday there was gorrilla warfare in the stock market. You probably read that a group of non-professional traders got together and drove up the prices of 3 or 4 stocks in which there was a tremendous short interest, meaning that hedge funds had shorted these stocks. After that happened about a dozen other stocks with huge short interest were also driven up.
The amateurs—there must have been about 1000 of them talking on a social media platform—succeeded in moving these stocks up 300 or 400 percent and the hedge funds could not close out their shorts. One firm lost about 3 million and had to be bailed out. The exchange stopped the trading, however there were so many complaints that they had to restore buying.
This could be a sign of the times Thomas. It was unprecedented.
Castro and Che. did it in the jungle with guns. Now it could be done with a little clever organising on social media.
The system will, of course, fight back.
jock
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Here’s a good article by Brett Scott about that in The Guardian. https://t.co/Zfn8B8oTmI?amp=1. It’s reminiscent of Michael Lewis’ book and movie, The Big Short.
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