The GameStop Saga and the Crisis of Capitalism
"Imperialism, or the domination of finance capital, is that highest stage of capitalism in which this separation reaches vast proportions. The supremacy of finance capital over all other forms of capital means the predominance of the rentier and of the financial oligarchy; it means that a small number of financially “powerful” states stand out among all the rest. " —V.I. Lenin, Imperialism, the Highest Stage of Capitalism . Ch. 3. At the time of this writing, most people by now are probably aware of the news story surrounding the "controversy" of a Reddit-based community called 'WallStreetBets' buying stocks on GameStop (and AMC) [1], hurting Wall Street short-selling hedge fund managers' profits in the process and pushing Melvin Capital to the brink of bankruptcy. These short-selling [2] billionaire investors have lost a staggering $70.8 billion during the month of January, 2021 [3]; this was partly because of a very determined group of small, amateur...