*Disclaimer: This is an opinion based article. Views expressed by the writer in this article are their own and do not necessarily reflect ideas of Jayzoq.

Today, yet again, the capitalist system is crumbling down on the capitalist’s head as he scrambles to find some logical justification to uphold the sanctity of his system. Since the outbreak of Covid-19, the working class has been radicalized to greater extents, due to a complete unveiling of the state and every other social institution as mere subordinates of the rich (the ruling class). To further this great uncovering of capitalism, the stock market’s image has also taken a hit. What was previously argued, i.e. that every individual regardless of class status or background has an equal opportunity to gain capital in the ‘free market’ is proving to be unequivocally false. Thus, the GameStop vs. Wall Street saga has shown the system to be entirely rigged in favor of the rich.  

Comprehending the stock market can be tricky which is why understanding some terms is necessary.‘Long-position investment’/’going long’, is a simple way of buying certain shares of stock at a particular price and then selling it for a profit if the price rises. However, short-selling is the opposite, a unique way of gaining money from stock price falling. An investor borrows (does not buy yet) certain shares of stock of a price and sells it at the same price. If the stock price decreases, the investor can buy that certain number of shares at a reduced price and give it back to the lender, thereby accumulating profit. Short-selling is riskier and thus is predominantly done by ‘seasoned finance professionals’, i.e. wealthy wall street parasites.

GameStop is an American retail company that sells video games and electronics. Like most companies, it was facing the brunt of the pandemic and was on the verge of shutting down due to financial losses. In light of this situation, prominently, a hedge fund named Melvin Capital started short-selling GameStop stocks in a bid for financial gain. However, a vast number of amateur investors threw a wrench in this plan. Organizing on a 7.1 million members (current) subreddit called r/WallStreetBets these day-trading amateurs decided to teach Wall Street a lesson. Seeing Wall Street hedge funds, short-selling GameStop stocks, they decided to bet the stocks up. “Worth just $6 four months ago, the stock went from $18.36 on the afternoon of the Capitol riot, to $43.03 on the 21st two weeks later, to $147.98 this past Tuesday the 26th, to an incredible $347.51 at the close of the next day, January 27th.”Matt Taibbi. This resulted in Melvin Capital (the major hedge fund) suffering heavy losses and closing out at a staggering $3 billion

“The civilization and justice of bourgeois order comes out in its lurid light whenever the slaves and drudges of that order rise against their masters” – Karl Marx: The Civil War in France.  Similarly, following this unexpected development the media immediately started manufacturing mass hysteria in sympathy of their wall street owners. CNBC’s David Faber, saying he believes several hedge funds may need to be bailed out. Amid a pandemic, where the $2000 stimulus checks have still not been passed, the media and the White House are more concerned with monitoring GameStop Stock Situation. While manufacturing consent in the most obtuse ways: labeling the situation as a product of ‘Trumpism’, ‘Russian-conspiracy’ or comparing it to the Capitol attack.

 The great unmasking of capitalist order began when social media apps took action, such as Discord which banned the r/WallStreetBets server, over “hateful content”. Moreover, Robinhood (a trading app) restricted users from further trading GameStop stocks while after a few hours, forcibly selling user’s shares. Under normal circumstances, such actions would be considered outrageous and incredibly illegal, but the rich are above the law. When the frustrated users proceeded to negatively rate the app at Google Play Store, Google responded by deleting ‘nearly 100,000 negative reviews’

In the midst of the entire fiasco, New York hedge fund billionaire, Larry Cooperman was yelling on CNBC, “It’s a way of attacking wealthy people.” Which brings us to a crucial question, why must we not attack the wealthy? Why must not we glee in happiness at the sight of Wall Street’s misery? Was it not Wall Street that was the architect of the 2008 financial crisis? Did it feel any shame or remorse at the sight of the agony inflicted on millions for the sake of its unquenchable greed? The same agony that also upholds this movement, as an anonymous user posted on r/WallStreetBets, where they recall, “I remember when the housing collapse sent a torpedo through my family … While this was happening in my home, I saw hedge funders literally drinking champagne as they looked down on the Occupy Wall Street protestors. I will never forget that.

Today, for the first time, the capitalist machinery has been used against the capitalist himself. While most of the investors fighting wall street, believe in a non-existent, seemingly utopian, ‘free-market capitalism’, they are nevertheless an integral part of a greater movement. 

Faran Faisal is an A’levels student from LACAS. His interests include politics, current world affairs and philosophy. Faran is the editor for Global Domestic Affairs at Jayzoq.
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