Skip to content

VIDEO: The Reddit Revolution, GameStop and Melvin Capital

A remarkable series of events culminated in at least one major Wall Street hedge fund on the verge of insolvency and widespread anxiety and even panic from the titans of the financial system. It was all initiated on a sub-group of Reddit known for its heterodox interest in stock markets, video games, and vaguely populist politics. 

Subscribe now

Purposely targeting the stock of a company that had long been written off by Wall Street and which short sellers had decided to ravage — the video game retailer GameStop — these small investors, many apparently working class or debt-ridden, banded together to drive up the stock price of that company into the stratosphere, abruptly leaving the hedge fund short-sellers with billions of dollars in losses.

Although it may be more complex than this once all the facts are all known, this is being treated — by those excited by it and those aghast — as a type of populist uprising, a David v. Goliath tale in which ordinary people united to brilliantly beat Wall Street at its own game, thereby transferring plutocratic wealth back to the public. Oligarchs and their media spokespeople spent all day on CNBC and other pro-Wall-Street outlets expressing outrage and demanding government intervention to protect them from what they regard as this grave injustice.

And the sub-Reddit has now been banned by at least one platform, on the highly suspicious ground that it was due to “hate speech” and not the use of this group to sabotage Wall Street billionaires (what a remarkable coincidence of timing that this sub-Reddit’s “hate speech” suddenly crossed a line exactly as hedge fund managers were demanding their heads; the page continues, however, to appear on Reddit itself).

Share

In the video below, I discuss what happened and what the implications are. One note about the video: though I do discuss the amorphous and trans-ideological politics driving both the Reddit uprising and the reaction to it, that topic in particular merits much more consideration. Liberal journalists and pundits love to mock the idea that “economic anxiety” drives anything remotely adjacent to right-wing populism — the primary drivers are racism and other types of bigotry, they insist in unison — yet all one has to do is spend any non-trivial amount of time in that sub-Reddit to see genuine and significant levels of rational economic anger often quite untethered, even hostile, to left-liberal cultural pieties and political niceties. Given their recent noble success, everyone now wants to claim these Redditors as their own, but their politics, like many people’s, defy the clean left-right dichotomy on which the professional media and punditry classes depend, the only prism through which they can understand the world.

Subscribe now

This is one of the most interesting and potentially significant events — not just financially but culturally and politically — to happen in some time, and I try here to explain the key components and highlight some of the most consequential implications [note that this video was filmed late last night before the banning of the sub-Reddit by Discord on obviously specious grounds and, far worse, the corrupted banning this morning by major trading platforms, including RobinHood, of any attempts to buy GameStop and other targeted stocks while still allowing them to be sold: the ultimate expression of what should be illegal market manipulation to protect hedge funds]:

Skip The Scoop | Seek Understanding

Kerry Denies Discussing Israeli Strikes in Syria With Iranian

Show Me

Buck Sexton: ‘Border Czar’ Kamala Harris ‘Hasn’t Been Able To Find Her Way Down There Yet’ And Won’t Want To | Video 3 Minutes 25 Seconds

Show Me

It’s Been Obvious To Most Americans For Some Time Now | “Tucker: The Democratic Party Is Now A Religious Cult” | Video: 5 Minutes 39 Seconds

Show Me

John Kerry Wrong On The Middle East, Wrong On Climate Change | Video: 5 Minutes 48 Seconds

Show Me

When Democrats & Their Mainstream Media Allies Screams Cult, They Should Look In The Mirror | “Marianne Williamson Reveals the Democrats Are a Cult”

Show Me

It Appears John Kennedy Discovered Early On Why The Biden Administration Chose John Kerry | Here’s Biden’s New Energy Policy, “We’re not going to produce our own oil. Instead, we’re gonna buy oil from countries that hate us so they’ll have more money to buy weapons to kill us.” | Video 3 Minutes 7 Seconds

Show Me

Rose McGowan: Democrats ‘Are in a Deep Cult’

Show Me

We Should Have Already Been Toast | John Kerry Makes DIRE Prediction About Global Warming – in 2014! | Video: 23 Seconds

Show Me

Days Before John Kerry’s Malfeasance Confirmed | “Navarro: John Kerry is a ‘Useful Idiot on Steroids'” | Video: 4 Minutes 18 Seconds

Show Me

Psaki’s Unhelpful Response To John Kerry Leaking Israel’s Covert Military Action To Iran | Video: 39 Seconds

Show Me

D.C. Police Department Data Is Leaked in a Cyberattack

Show Me

April 26, 2021 | Nightly News Rebroadcast | Video: 53 Minutes 30 Seconds

Show Me

The Enemy Within | “John Kerry Divulged HUNDREDS of Israel’s Covert Attacks to Iran, Leak Reveals”

Show Me

Rand Paul Demonstrates How To Respond To Hostile Mainstream Media On Election Fraud | Here You Will Find The Full Exchange | Video: 6 Minutes 32 Seconds

Show Me

Maricopa County Judge Recuses Himself from 2020 Election Audit Case

Show Me

Bannon’s War Room |Saturday Edition Hour 1 | Recorded April 26, 2021 | Video: 48 Minutes 21 Seconds

Show Me

Bannon’s War Room |Saturday Edition Hour 2 | Recorded April 26, 2021 | Video: 48 Minutes 21 Seconds

Show Me

Bannon’s War Room |Evening Edition | Recorded April 26, 2021 | Video: 48 Minutes 58 Seconds

Show Me

Analysis: Three Vulnerable Senate Democrats Give GOP Shot Retaking Upper Chamber

Show Me

Texas state lawmaker says that according to science there are 6 biological sexes

Show Me

China: Further information: Uyghur held in solitary confinement for 2 years: Ekpar Asat

Show Me

Oscars 2021: Ricky Gervais trolls ‘host-less’ Academy Awards and tweets 2020 Golden Globes monologue

Show Me

Minnesota AG explains why Floyd’s death not charged as hate crime

Show Me

Spanish Man Charged With Infecting 22 People With COVID-19

Show Me

Los Angeles Hypocrites Remove Homeless Camp and Erect Fence to Protect the Stars at Oscars

Show Me

You’re no safer from COVID-19 social distancing at 6 or 60 feet, study says

Show Me

Iran’s Foreign Minister, in Leaked Tape, Says Revolutionary Guards Set Policies

Show Me

‘TRUTH’ With RFK, Jr. and Dr. Joseph Mercola: The Shadowy Alliance Between Big Pharma and Big Tech

Show Me

SpaceX craft had close call with UFO after launching into orbit

Show Me

After Finding a Christmas Wish List Tied to a Balloon, This Man Drove Hundreds of Miles to Make Two Little Girls’ Dreams Come True

Show Me

FBI Releases Seth Rich Documents | First Names On Page One? Email From Peter Strzok to Lisa Page

Show Me

Cuomo’s Office Won’t Reveal What It Told DOJ About CCP Virus Deaths at Nursing Homes

Show Me

Maxine Waters’s Long History of Reckless Rhetoric

Show Me

Obama administration scientist says climate ‘emergency’ is based on fallacy

Show Me

Colorado’s Victim Rights Act leaves some crime victims without protection

Show Me

Donald Trump Supporters Square Off Against GOP Leadership in Savannah

Show Me

Trump to Hannity: “Big Tech should face antitrust scrutiny”

Show Me

Hospitals Overrun as India’s COVID-19 Infections Surge

Show Me

Health officials are dropping outdoor mask mandates, following numerous studies

Show Me

POLL: Most say government going too far prosecuting Trump supporters after Jan rally

Show Me