Featured image by Hui Ray. Follow the link for more of this artist’s work.
Oh, what a tangled web we weave when first we practise to deceive!
~Walter Scott, Marmion Canto Sixth
The GameStop rebellion continues apace. The machine is angry and suffering losses, and whether in the end it will forever change the game is irrelevant. Now is the time for the people to see not only how the people can legitimately rise up and balance the playing field, but it also reveals how large and interconnected the machine has grown.
I woke up this morning and heard about a rush on silver. Articles like this one from CNBC, telling everyone to “short squeeze” silver. Conservative owned New York Post had an article saying that the price of silver was surging. Fox Business does the same thing. All the while they trash GameStop, like Aljazeera, writing an article like this one. Or CNET saying that the GameStop stock is a Ponzi Scheme…
In real time, we have seen light flooding into the shadowy and convoluted world of finance, and how their financial power ties into the worlds of news and politics. And the exposure of the machine has revealed to the common people is akin to the red pill in The Matrix. The common people have been used, and the machine of money has gone from looking at the market and exploiting the changes in the tide, to actively making the market react.
To use another movie reference, they have forged the one ring, and are taking control of the land. The people of R/WallStreetBets are the fellowship. They have control of the ring, and are being hunted by the wraiths of the media and the government. They are being tempted to use that power to engage in things that would either weaken them, or corrupt them.
Let me be more specific. The Biden administration has connections to those trying to stop R/WSB. Janet Yellen, the first female Treasury Secretary, took $810,000 from Citadel LLC, as well as 7.2 million dollars in speaking fees since 2019 per Slate.com. This creates a serious conflict of interest, and would certainly create an incentive for her to side with Wall Street.
Another former Fed Chair, Ben Bernanke, works at Citadel as a Senior Advisor, per the Citadel website. Citadel also has heavy investment in the app Robinhood. Robinhood stopped the trading of GameStop, AMC, and several other stocks, only allowing for sales of those selected stocks. Per CNET, “On Friday, Robinhood posted another blog about what happened. The company explained it was required to keep a substantial amount of money on hand in order to process all the trades happening through its clearinghouse, which is the part of the company that sends shares and money back and forth to other clearinghouses to complete trades.”
The National Securities Clearing Corporation, and the Depository Trust & Clearing Corporation are two private corporations with government backing through the Customer Protection and End User Relief Act. These two corporations, it would seem, are the government sponsored entities that centralized the stock exchanges, holding the actual certificates, and track all of the numbers. They are the clearing house for these things, and demanded 3 Billion dollars, which per CNET, forced Vlad Tenev and Robinhood to comply with their regulatory capital requirements.
This whole world of finance is crazy. I know very little, but now my attention is now peaked. I am following this, and will continue to report on how interconnected the whole web is. Hang in there ladies and gentlemen, we’re in for a wild ride.
A Place 4Politics 