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I've been thinking more about the potential of using the stonk market as leftists to achieve change. 🧵 I guessPermalink On twitter.com
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First of all, just aimlessly buying shorted stocks won't change the system, so let's just get that out of the way right now.Permalink On twitter.com
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I think the idea has some promise if, say, there's a landlord, politician, capitalist, of lobbyist who's doing a specific bad thing AND they're attached to a vulnerable portfolio. Coming together to wreck their prospects may be effective because it targets their class interests.On twitter.com
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But the bigger issue here is that in addition to Wall Street being an instrument of capital, the infrastructure its built on is also run my private capitalists. If it starts becoming a trend that leftists are committing "stock market terrorism" they'll just... stop letting us?Permalink On twitter.com
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Final point: anarchists like myself believe in means/ends coherence. Part of this is the belief that insitutions reproduce their own social relations. It's why we're skeptical that you can use a state to abolish the state. Or use a bank to destroy banking. Stuff like that.Permalink On twitter.com
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If we build, like, a "Democractic People's Hedge Fund" that goes around fucking over all the other hedge funds, you're creating a group of people who reproduce the social relations that create hedge funds. This group will act more and more like any other hedge fundPermalink On twitter.com
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The fact that the media is spinning this as "everyone should be allowed to make money with stocks🌞" and not "stonks are bad we should stop" tells me this is how it'll turn out in the end. So I'm less optimistic about this "new" avenue of struggle. But I'd love to ppl try hahaPermalink On twitter.com