Reddit fever may open a new populist front that the elites can t stop
This has shown the little people that it is possible to take on financial institutions at their own game
28 January 2021 • 2:58pm
Four weeks after the storming of the US Capitol, by now you will have heard of the latest act of American insurrection: The attempts to storm Wall Street by an intrepid horde of faceless individual traders, sallying forth from the bowels of the internet to wreak havoc across the plains of the US financial landscape.
The denizens of the Reddit forum WallStreetBets have caused quite the ruckus in pumping the price of US electronic retailer, GameStop, to dizzying heights, pushing established, billion dollar hedge funds to the brink in an orgy of ‘meme stocks’ and ‘loss porn’. Other stocks, previously considered toxic, have followed GameStop: Nokia, Blackberry, and even the bankrupt movie rental company Blockbuster have seen remarkable rallies off the back of the snowball effec