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{"id":2908,"date":"2021-02-02T11:15:44","date_gmt":"2021-02-02T11:15:44","guid":{"rendered":"https:\/\/www.nowadays.org.uk\/?p=2908"},"modified":"2021-02-02T14:04:45","modified_gmt":"2021-02-02T14:04:45","slug":"what-does-gamestonk-mean-for-democracy","status":"publish","type":"post","link":"https:\/\/www.nowadays.org.uk\/what-does-gamestonk-mean-for-democracy\/","title":{"rendered":"What Does \u2018GameStonk\u2019 Mean For Democracy?"},"content":{"rendered":"\n<p>So, we\u2019ll skip all&nbsp;that. Instead, this article will&nbsp;explore&nbsp;the question: What does all this mean for&nbsp;the future of&nbsp;politics and this thing we like to call democracy?<\/p>\n\n\n\n<p>Democratising finance for&nbsp;all?<\/p>\n\n\n\n<p>Apps like Robinhood, the one many Redditors used to make transactions on the stock market, claim to \u2018democratise\u2019 finance. They offer a zero-commission model which mean amateurs don\u2019t have to pay a fee to their service when making transactions.&nbsp;This is a relatively new business model for investment&nbsp;firms and&nbsp;was certainly a driving force for the events that culminated in the mania of the past few&nbsp;days. By empowering masses of \u2018amateur\u2019 brokers&nbsp;these services&nbsp;could be said to realise the idea of Dollar Voting, using your choice as a consumer or investor to govern the actions of&nbsp;businesses. In a world where the lines between political parties and corporations is ever blurring, and in which the will of the markets often seems to overrule the will of the people, this development could represent a genuine political change. However, the past few days have shown that the company name Robinhood&nbsp;could be&nbsp;more ironic than Little John\u2019s.&nbsp;The firm has been accused of market manipulation after restricting transactions of shares&nbsp;in&nbsp;GameStop and several other securities. Perhaps more importantly it&nbsp;has been accused of siding with the&nbsp;wealthy elite who use and manage hedge funds, by restricting the power of the masses it claimed to embolden.&nbsp;Many have held Robinhood to account, some filing lawsuits against the company, and the firm has since promised to restore GameStop trading. Robinhood\u2019s ordeal may prevent other firms making the same mistake they did and stay true to their \u2018mission to democratise finance for all\u2019.<\/p>\n\n\n\n<p>Not about&nbsp;Left or Right<\/p>\n\n\n\n<p>Two of the loudest voices speaking&nbsp;up against Robinhood\u2019s choice to restrict trading were from very different sides of the political spectrum.&nbsp;Congresswoman&nbsp;Alexandria Ocasio-Cortez and Donald Trump Jr both voiced their opinions on Twitter. AOC&nbsp;(whose husband is&nbsp;almost definitely a Redditor)&nbsp;revelled in&nbsp;morally dubious Wall Streeters getting a taste of their own medicine; whilst Trump Jr pointed to the attempts to protect hedge funds as evidence of a rigged system.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gotta admit it\u2019s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino<\/p>&mdash; Alexandria Ocasio-Cortez (@AOC) <a href=\"https:\/\/twitter.com\/AOC\/status\/1354536220110577664?ref_src=twsrc%5Etfw\">January 27, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">It took less than a day for big tech, big government and the corporate media to spring into action and begin colluding to protect their hedge fund buddies on Wall Street. This is what a rigged system looks like, folks! <a href=\"https:\/\/twitter.com\/hashtag\/RobinHood?src=hash&amp;ref_src=twsrc%5Etfw\">#RobinHood<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/RedditArmy?src=hash&amp;ref_src=twsrc%5Etfw\">#RedditArmy<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/GME?src=hash&amp;ref_src=twsrc%5Etfw\">#GME<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/GMEtothemoon?src=hash&amp;ref_src=twsrc%5Etfw\">#GMEtothemoon<\/a> <a href=\"https:\/\/t.co\/UhrwGHCjng\">https:\/\/t.co\/UhrwGHCjng<\/a><\/p>&mdash; Donald Trump Jr. (@DonaldJTrumpJr) <a href=\"https:\/\/twitter.com\/DonaldJTrumpJr\/status\/1354793103090212865?ref_src=twsrc%5Etfw\">January 28, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>This has caused several media outlets&nbsp;and social media usersto&nbsp;speculate on what the political motivations of the movement might be.&nbsp;A small few&nbsp;have suggested the Reddit traders are,&nbsp;wittingly or not,&nbsp;being driven by&nbsp;the&nbsp;alt-right.&nbsp;This isn\u2019t surprising. For a long time, general trolling has been conflated with the actions of the alt-right, who often use similar methods to further a certain agenda. This leads to many users on sites like Reddit and 4-chan being painted with the same&nbsp;brush.&nbsp;Others have viewed the actions of Redditusers&nbsp;on the forum&nbsp;r\/WallStreetBets&nbsp;as a struggle against the wealthy elite, especially those who gamble with the livelihood of&nbsp;your average person, protected by the right-wing politicians and a belief in power of the market. It\u2019s debatable whether the forum&nbsp;actually had such concrete political&nbsp;intentions.&nbsp;Rather, it&nbsp;seems&nbsp;that these Redditor\u2019s actions have&nbsp;very little to&nbsp;dowith everyday&nbsp;party politics, and everything to do with the populist trend we have&nbsp;seen in the years since 2015. People are understandably tired of their voices not being heard. So,&nbsp;they seek new means of amplifying their discontent, with varying degrees of success and consequence; be that electing populist leaders,&nbsp;protesting in hi-vis jackets,&nbsp;voting against the will of the elite,&nbsp;or causing mayhem in the stock market. Perhaps, this is the most direct representation of the discontent of the masses to date.<\/p>\n\n\n\n<p>Enter Elon\u2026<\/p>\n\n\n\n<p>As we\u2019ve seen in the past,\u00a0so-called populist movements on the right, the left and nowhere in particular, are often in search of a figurehead. A leader with power, that represents them and voices their grievances. The problem is, they often come with agendas of their own, that don\u2019t always benefit the masses. Elon Musk has for a long time found a fanbase in the wider Reddit community. But this popularity, which like many things on Reddit\u00a0is often hard to discern from pure meme potential,\u00a0has never been on show quite like now.\u00a0Elon\u00a0(who\u00a0has his\u00a0own grievances with big-time short sellers following a number of major hedge funds betting\u00a0against his company, Tesla, last year)\u00a0voiced his support for the Redditor\u2019s in a tweet, calling short selling a\u00a0scam.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">u can\u2019t sell houses u don\u2019t own<br>u can\u2019t sell cars u don\u2019t own<br>but <br>u *can* sell stock u don\u2019t own!?<br>this is bs \u2013 shorting is a scam<br>legal only for vestigial reasons<\/p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1354890601649610753?ref_src=twsrc%5Etfw\">January 28, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Some might see Elon Musk as an odd choice as figurehead, especially those who view this all as crusade against the wealthy elite; he did, after all, recently become the world\u2019s richest person. Nonetheless, he seems to have been elected, some might\u00a0argue\u00a0self-elected, as a de facto leader in this mania. He was \u2018hanging out\u2019 on the r\/WallStreetBets\u00a0Discord server,\u00a0and he fought the subreddit\u2019s corner\u00a0when\u00a0Discord banned the server. It was one of his tweets that gave this article its name; the tweet simply read \u2018GameStonk!!\u2019. If these events do go beyond Reddit and take on more concrete political intentions, it will be interesting to see whether Elon Musk has a hand in deciding what they are, and whether they\u2019re in the best interest of the people who made this possible.<\/p>\n\n\n\n<p>But for now, all we can really do is sit back and enjoy the chaos, and all the memes it spawns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By now, you\u2019ll probably have scrolled through more than your fair share of posts, Twitter threads and articles attempting to explain the meaning of shorts, hedge funds and maybe even \u2018Diamond Hands\u2019 like some Margot Robbie wannabes. <\/p>\n","protected":false},"author":70,"featured_media":2910,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_oct_exclude_from_cache":false,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-2908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Does \u2018GameStonk\u2019 Mean For Democracy? 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