Re: <nettime> GameStop Never Stops

Two days ago an otherwise sensible friend, a political organizer, earnestly and then angrily tried to convince me that purchasing stock in Gamestop was somehow striking a blow against capitalism.

I was and remain very perplexed at how people could believe such a thing. ONE WEIRD TRICK THAT BANKS HATE is putting money into your brokerage account and purchasing stocks? Surely not. This friend then admitted that people who invested now probably weren't going to make money. "So," I asked, "by investing now, and letting other people take profits, you are supporting a movement? Like a heroes relief fund?" Yes.

This is a particularly dumb front in a just war.

Given that $GME is presently imploding, with its value down -55% for the day, I hope there won't be too many casualties amongst the revolutionary cadres; sacrificed, as they have been so often in the past, in the service of cynical agendas. At least (to my knowledge) the white supremacists haven't written thinkpieces portraying their participation in a get-rich-quick scheme as virtuous. It is also worth mentioning that there are also no doubt plenty of hedge funds who took the opposite, winning side of Melvin Capitals crowded short trade. But if they are winning, they are being smart and not crowing about it.

The Gamestop Saga will flare out as a cultural scrying glass soon, but there are many more, and profoundly consequential implications behind Felix's astute point that this is "all about money and the recognition, after a decade of quantitative easing and crypto bubbles, that money is somehow meaningless." Part of this sensation may be the emotional experience of inflation, and a changing relationship to money as a substance, as it continues to physically dematerialize. Part of it may also be that Americans have now seen how easy it is for the government to flip a switch and send us a check.

This last part seems to be popular.

On Tue, Feb 2, 2021 at 8:54 AM Florian Cramer <flrncrmr@gmail.com> wrote:

GameStop checks all boxes of 'populism' as it has been defined by political scientists Jan-Werner Müller and Cas Mudde, namely as a revolt of "the good people" against "the corrupt elites". (I am less sure whether it would also check the boxes of populism as defined by Laclau/Mouffe).

As you pointed out, Felix, it's "hard to say" what the politics of GameStop are beyond such a diagnosis. Its orchestration on Reddit involved white suprematists [ https://www.theguardian.com/commentisfree/2021/jan/31/market-is-rigged-in-favour-of-rich-as-gamestop-fiasco-reveals ], and it is heavily being pushed in right-extremist Telegram channels. One also shouldn't forget that it's the creation of a speculative bubble like Bitcoin, albeit a more nihilistic one, and maybe also a (IMHO naive and misguided) assumption that stock ownership is 'good' capitalism while short selling is toxic capitalism.

-F

--
blog: https://pod.thing.org/people/13a6057015b90136f896525400cd8561
bio: http://floriancramer.nl

On Tue, Feb 2, 2021 at 1:16 PM Felix Stalder <felix@openflows.com> wrote:

I find the GameStop saga endlessly fascinating, on so many levels.

For one, it's a fitting continuation of the year of American discontent,
that started with #BLM, continued with #StopTheSteal, and reached now
Wall Street with #Gamestop. Politically, these movements are, of course,
very different. The first reacting to deep historical, systemic
injustice and violence, the second bought into a political lie and the
third one, well, that's hard to say.

But all three express, in their own way, a belief, shared by large
segments of the population, that "the system" -- the institutions of
policing, democracy and the financial system -- are fundamental rigged
against them, and that they have to do something against it, even at
considerable personal risk. If you followed all three over the year,
even only superficially, you got a crash course in institutional
critique on an epic scale.

Here's pretty good segment from hill.tv, a relatively respectable
Washington outlet, that makes pretty much this argument:

https://www.youtube.com/watch?v=zTT4it_f7Jc&feature=youtu.be

In terms of GameStop, I think a good starting point is to assume that
there are predominantly bad-faith actors involved, that everything
expressed is part of an agenda, that may, or may not, be in line with
what is expressed. Additionally, we are in an environment that is fully
artificial, made up of ultimately arbitrary, but consequential rules. If
you are a deeply immersed gamer, or belief that we are living in a
virtual simulation, as people like Musk apparently do, then you are
right at home.

That doesn't mean that this is not political. It's a lot of things at
the same time. An insider-game between billionaires, a populist revolt,
a get-rich-quick-scheme, total market failure, and the free-markets
fully functioning. It's ultra cynical and naive, deeply individualistic,
and full of expressions of solidarity. It's deadly serious and hugely
entertaining. It's all about money and the recognition, after a decade
of quantitative easing and crypto bubbles, that money is somehow
meaningless. It expresses itself in spreadsheets and memes, and, no
doubt, soon also in congressional hearings.

While I don't expect this one event to have immediate, dramatic
consequences, I expect this to simmer on for a long time and light other
fires, in unexpected places.

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