To the Barricades – Financial Revolution
To the Barricades – Financial Revolution by Bill Blain for Morning Porridge
Is this the Market Spring? There is a serious mass delusion underway. It can only end badly…
“This thing’s really outrageous, I tell you on the level
It’s really so contagious must be the work of the devil
Mother please, is it just a disease, that has them breaking all my laws,
Check if you can disconnect the effect and I’ll go after the cause
No-one will tell what this is all about
But I will find out, I will.”
Back in medieval times, Ergot was a fungal mould that would infect corn stores and drive populations mad. Watching the current market action, and the Reddit memes, I’m wondering what particular malign madness is driving it all. Have the Chinese sneaked something into the water? Maybe some evil genius hacker has invented a bio-computer-worm that jumps from screen to infect human brains – spreading it through Reddit making millions believe they can trade capitalism into the ground?
Or maybe this is a genuine revolution..? Founded in frustration and genuine grievance?
As I highlighted yesterday, if you are one of the top 1%, then you’ve had a pretty good Pandemic. Your stock portfolio has gone up in value. You’re comfortable working from you pretty countryside home. You don’t have to commute and you’re pretty well off and happy.
The mob aren’t.
They live in the real world of lockdown frustration. They suddenly found a voice taking down hedge funds (or so the stories say). They have stumbled into the market and is discovered they have power. How corrupting. Acting in unison and driven by speculation, the masses expect to overturn the old order. Maybe storming the palaces of the rich online is preferable to the usual outcomes when angry, dispossessed bored angry mobs storm Versailles – which never ends well. Like all other mobs through history, they will likely be disappointed.