The weird investments are flying again. Earlier this year it was Gamestop stock, rising to the moon for no reason except that many people on internet message boards decided to push it there. Now its the stock of AMC, which has risen 3,000% this year for the same reason. This same collective mania causes millions of normal people to pour money into cryptocurrencies like Bitcoin, which have no underlying value other than the collective mania itself. The driver of this mass national frenzy is not any sort of business strategy, or even simple pandemic-induced boredom. Its just the latest manifestation of the sickening desperation of people to break free from wage slavery. It is the modern lottery ticket. And, like all such dreams that are rooted in luck rather than in politics, it will ultimately amount tonothing.
Financial manias are nothing new. They have been around since the Dutch were going wild over tulip bulbs in the 1600s, and probably much longer than that. It is abasic truth that if you can get alarge number of people to buy anon-infinite good at the same time, the price of that good will go up, until people stop buying it. That means that profits can be made for as long as the collective will to keep buying can be sustained. But at some point, inevitably, the pool of buyers dries up, and the people with lucky timing take their profits, and amuch larger number of people with less lucky timing get left holding assets whose price plummets back down towards zero. It does not matter whether the asset in question is tulip bulbs or tech stocks or Bitcoins. This is how it happens. Being seduced over and over again by such aclearly established pattern for failure is just part of humannature.
An unfortunate aspect of all these bubbles is that savvy, well-informed insiders tend to be the ones who end up with profits at the end, while regular people who were attracted only by the promise of quick riches get left with the losses. The key to making money in such situations is being able to judge when to sell, before everything starts going downhill. That is much easier to do with specialized training or insider information, two things that accrue to the elites rather than to the masses. This is somewhat ironic, because what attracts people to these bubbles is the promise that here, at last, is away for the little guy to strike it richa way for all of us who were not born rich or well-connected to grab aslice of the good life that is usually only bestowed on the wildly undeserving upperclass.
But its amirage. There are always some lucky winners in bubbles (today, they are the people advertising their eye-popping investment gains on Reddit, or the instantly rich Bitcoin investors flaunting their new wealth on Twitter), but the main function of this relatively small number of winners is to attract amuch larger number of investors into the mania who will eventually be losers. There is alaw of gravity in the economic world. Just like rockets fired in the air will later fall to earth, so too will investments priced much higher than their actual value crash down again, sooner or later. And all of the regular folks, who noticed the bubble just in time to bet their scraped-together savings on it as apath out of working drudgery, will be the ones crashing withit.
This is not really an economic problem. It is apolitical one. The problem is that people dont see it as political. American capitalism causes enormous inequality and produces ashiny, rich top tier of winners that will always be viewed with envy by ahuge lower tier of people struggling just to keep their heads above water. All financial manias are really society-wide get-rich-quick schemes. In American capitalism, get-rich-quick schemes only work for the already rich. Otherwise, they would not be allowed to exist. Neither Reddit memes nor infinite varieties of crypto will changethat.
All of these schemes are propelled by not only ignorance and greed, which are natural elements of human nature, but by the equally natural sense of desperation that builds up in people who are trapped in an economic system that offers them no legitimate way to reach the good life. America is particularly cruel: It valorizes the rich, taunts everyone with their luxurious lifestyles, and pretends that anyone can have what they have, while instead offering asystem designed to filter economic gains upwards to the rich while leaving everyone else treading water. It is only normal for people to grasp at any path offered to easy riches, no matter how much of an illusion it is. It is not any more of an illusion than the idea that aregular working person in 2021 can achieve the American dream without taking anyshortcuts.
Political action is the only real path out of this, and its apath that is rocky and long and offers uncertain rewards. Nobody wants that. America is built to make us not want that. America is built to make us want the reward in our bank account, here and now. Idont have any illusions about convincing millions of people not to throw their savings into inflating (or deflating) bubbles in hopes of striking it rich. But Iwould like for people to understand exactly what is happening here. The things are not worth what the price says. What goes up will not keep going up forever. You are, statistically, probably not the lucky one who will come out on top. This time isnt different. Socialism might not be as fun as gambling, its true. On the other hand, in socialism, everybody gets something. You can never reallylose.
Original post:
Every New Financial Bubble Is a Cry of Desperation - In These Times
- How to Watch Comic-Con@Home on IGN Live and the Full Panel Schedule - IGN Southeast Asia [Last Updated On: July 20th, 2020] [Originally Added On: July 20th, 2020]
- 2020 Comic-Con at Home: How to watch panels and events, what to expect - Tom's Guide [Last Updated On: July 26th, 2020] [Originally Added On: July 26th, 2020]
- 10 Video Game Clones That Kicked Your (Own) Ass - WhatCulture [Last Updated On: July 30th, 2020] [Originally Added On: July 30th, 2020]
- Pet Clones Market Review with 2025 Forecast Global Analysis by Types, Applications, Regions, Size & Trends, Top Players - Market Research Posts [Last Updated On: July 30th, 2020] [Originally Added On: July 30th, 2020]
- Breath of the Wild "clone" Genshin Impact gets release date - KitGuru [Last Updated On: July 30th, 2020] [Originally Added On: July 30th, 2020]
- Tick that can clone itself is found on cattle in Southern Ky. and wildlife in Eastern Ky.; it's also a threat to pets, and hard to identify - The... [Last Updated On: July 30th, 2020] [Originally Added On: July 30th, 2020]
- THE BAD BATCH TV Show On Disney+ Could Include THE CLONE WARS And REBELS Hero Captain Rex - CBM (Comic Book Movie) [Last Updated On: July 30th, 2020] [Originally Added On: July 30th, 2020]
- Thousands of these self-cloning ticks now in Kentucky - Frederick News Post [Last Updated On: July 30th, 2020] [Originally Added On: July 30th, 2020]
- TV and Film Review: The Clone Wars Season 1: The Gungan General - Fantha Tracks [Last Updated On: July 30th, 2020] [Originally Added On: July 30th, 2020]
- Clone troopers feeling remorse amid execution of Jedi - Dork Side of the Force [Last Updated On: July 30th, 2020] [Originally Added On: July 30th, 2020]
- How Star Wars Bounty Hunter Influenced The Clone Wars Canon - Screen Rant [Last Updated On: July 30th, 2020] [Originally Added On: July 30th, 2020]
- Lucasfilm Reportedly Has Plans To Bring Yoda Back Via Cloning - We Got This Covered [Last Updated On: July 30th, 2020] [Originally Added On: July 30th, 2020]
- Former 'Thone Clone' Elroy Hefner remembered as caring, conservative legislator - Omaha World-Herald [Last Updated On: July 30th, 2020] [Originally Added On: July 30th, 2020]
- The cheapest Cam Link clone you can buy actually works pretty well - The Verge [Last Updated On: July 30th, 2020] [Originally Added On: July 30th, 2020]
- Congress grills Facebook over its acquisitions and feature cloning - Yahoo Tech [Last Updated On: July 30th, 2020] [Originally Added On: July 30th, 2020]
- For the Record | Real estate | Business World | wenatcheeworld.com - wenatcheeworld.com [Last Updated On: August 6th, 2020] [Originally Added On: August 6th, 2020]
- Ouachita announces students named to Fall 2020 Dean's List - Ouachita Baptist University News [Last Updated On: February 1st, 2021] [Originally Added On: February 1st, 2021]
- Economic Sanctions of Pericles 2,500 Years Ago Backfired, Prolonging War - Greek Reporter [Last Updated On: June 10th, 2021] [Originally Added On: June 10th, 2021]
- Clack: Remember these other massacres of Blacks, too - San Antonio Express-News [Last Updated On: June 10th, 2021] [Originally Added On: June 10th, 2021]
- Hunter Biden uses n-word multiple times in casual conversations and text messages show - Texasnewstoday.com [Last Updated On: June 10th, 2021] [Originally Added On: June 10th, 2021]
- Germany, France and the UK apologize for the colonial past - Mediarun Search [Last Updated On: June 10th, 2021] [Originally Added On: June 10th, 2021]
- Dr. Heavenly's Job Advice Has Fans In A Fury. Here's Why. - Nicki Swift [Last Updated On: June 10th, 2021] [Originally Added On: June 10th, 2021]
- Racial wealth gap may be a key to other inequities - Harvard Gazette [Last Updated On: June 10th, 2021] [Originally Added On: June 10th, 2021]
- Factories that abuse and underpay staff could be banned from sales under new watchdog - The Mirror [Last Updated On: June 10th, 2021] [Originally Added On: June 10th, 2021]
- New watchdog to crack down on modern slavery and low pay - Construction News [Last Updated On: June 10th, 2021] [Originally Added On: June 10th, 2021]
- Sandra Cisneros Loves to Read About Women Waging Battle - The New York Times [Last Updated On: September 5th, 2021] [Originally Added On: September 5th, 2021]
- Your right to know: Latest property transfers and building permits - Lynchburg News and Advance [Last Updated On: April 14th, 2022] [Originally Added On: April 14th, 2022]
- That "Research" About How Smartphones Are Causing Deformed Human Bodies Is SEO Spam, You Idiots [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- Hackers Just Took Down One of the World's Most Advanced Telescopes [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- Scientists Spot "Stripped, Pulsating Core" of Star Caused By Horrific Accident [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- Scientists Found a Way to Control How High Mice Got on Cocaine [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- Cats May Be Tampering With Crime Scenes, Scientists Say [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- Huge Drone Swarm to Form Giant Advertisement Over NYC Skyline [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- Elon Musk Meeting With Advertisers, Begging Them Not to Leave Twitter [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- Chinese Spaceplane Releases Mystery Object Into Orbit [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- Jeff Bezos' Housekeeper Says She Had to Climb Out the Window to Use the Bathroom [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- China Plans to Send Monkeys to Space Station to Have Sex With Each Other [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- AOC Says Her Twitter Account Broke After She Made Fun of Elon Musk [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- US Gov to Crack Down on "Bossware" That Spies On Employees' Computers [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- Scientists Use Actual Lunar Soil Sample to Create Rocket Fuel [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- This Deepfake AI Singing Dolly Parton's "Jolene" Is Worryingly Good [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- Greta Thunberg Says UN Climate Conference Is a Scam and She's Not Attending [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- NASA Sets Launch Date for Mission to $10 Quintillion Asteroid [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- Twitter Working on Plan to Charge Users to Watch Videos [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- Manslaughter Case Has a Strange Twist: Tesla That Killed Couple Was on Autopilot [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- There's Something Strange About How These Stars Are Moving, Scientists Say [Last Updated On: November 4th, 2022] [Originally Added On: November 4th, 2022]
- Ticketmaster May Have Finally Met Its Match: Furious Swifties [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- NASA Tells Astronauts That Tweeting Isn't As Important as Staying Alive [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- Experts Excoriate NASA Report Claiming James Webb Wasn't Homophobic [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- Twitter Claims Video of Moon Rocket Launch Is Revenge Porn [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- Behind the Lawsuit Against Celebs Who Shilled FTX Before Its Spectacular Meltdown [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- NASA Orders Press Not to Photograph Launch Site After Moon Mission Takes Off [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- Amazing Map Lets You Scroll Through the Entire Known Universe [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- So Many People Are Using a Diabetes Drug for Weight Loss That Actual Diabetics Are Having Trouble Getting It [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- Elon Musk Locks Twitter Employees Out Office, Then Asks Them to Meet Him on the 10th Floor [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- Former Facebook Exec Says Zuckerberg Has Surrounded Himself With Sycophants [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- Sam Bankman-Fried Admits the "Ethics Stuff" Was "Mostly a Front" [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- Celebrities Are Officially Being Sued by FTX Retail Investors [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- Panicked Elon Musk Reportedly Begging Engineers Not to Leave [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- Experts Baffled by Why NASA’s “Red Crew” Wear Blue Shirts [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- FDA Gives First Go Ahead for Lab Grown Meat Product [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- Celebrities' Bored Apes Are Hilariously Worthless Now [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- "Elon" Plummets in Popularity as a Baby Name for Some Reason [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- NASA Drops Stunning New James Webb Image of a Star Being Born [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- Startup Says It's Building a Giant CO2 Battery in the United States [Last Updated On: November 20th, 2022] [Originally Added On: November 20th, 2022]
- Marie Byrd Land - Wikipedia [Last Updated On: December 30th, 2022] [Originally Added On: December 30th, 2022]
- Joan Jett - Wikipedia [Last Updated On: December 30th, 2022] [Originally Added On: December 30th, 2022]
- Q - Wikipedia [Last Updated On: December 30th, 2022] [Originally Added On: December 30th, 2022]