Accidental Attack On Capital
The number of impressive and unique achievements of the new ownership team of AMC is staggering. At no point in history has a company been majority owned by millions of unconnected investors. That’s literally never happened before and I don’t understand why this isn’t constantly talked about other than because, if I were rich, I would think the enormity of that information should be suppressed.
In essence, AMC is now publicly-owned; AMC has the first unionized ownership group.
By now if you’re at all interested you are aware of the chain of events that initiated in January. I’ve written about it before so I won’t go too far in depth, but short sellers shorted too much and despite the stock market being thoroughly rigged, there are still some rules. In January, they cheated, but the people who bought AMC in January and lost money just kept buying more shares and convincing other people to buy more shares at the lower price. Well, the short sellers didn’t change any of their behaviors after they watched Gamestop shoot up to $500 a share, most likely because they knew the government - like they did with Gamestop - would step in and make sure they stay super duper rich forever.
But there are still some rules, and eventually, because the apes created a movement around AMC, the short sellers had to admit some defeat. The price of AMC shot up to $70 from the $2 it was last year. Hedge funds and market makers lost billions. Except they didn’t, and still haven’t.
They still haven’t paid out. They still haven’t covered their losses. They think, because this is the way it has always gone, that they can wait out the poor. All they see is numbers on a screen that look red. It’s not actual money yet. Because they haven’t actually paid out, if the price of AMC goes down all the way back to where it was, those red numbers will turn green and instead of having lost billions of dollars as has been reported by many outlets, they will have lost nothing and AMC will go bankrupt like they wanted it to. All of the poor people’s numbers looking green right now will turn red and the rich will stay super rich and the poor will stay as poor as they can make them. They want to punish the poor for dreaming they could challenge them.
That is what happens 99% of the time.
This time it can be different. This time the Apes are not going to go away. This time rational self-interest (what market makers have created complex algorithms to predict and exploit) has been thrown out the window. This is Occupy Wall Street for some, it’s Qanon for others, it’s a retirement plan, a cult, and, strangely enough, a caring and heartfelt community. And for some, they just want to get rich as fuck at the expense of billionaires. Or just rich as fuck..
All of these movements have previously been dashed upon the rocks by the billionaires they want to destroy. How do you win when you have to camp outside as the cops batter and beat you? As the media calls you terrorists? As the wealthy poor champagne on you from a thousand feet up?
AMC has the advantage over literally every other union movement in history because 1) You don’t have to go outside 2) No one can hurt you 3) You might get rich.
AMC has created media celebrities out of Youtubers who might tell the truth or might be telling them conspiracy theories but it doesn’t matter. The behavior of buying and holding stock will cause the outcome that they desire. Most people have their own “why” and whether it’s based on reality or not - unlike storming the Capitol with a bunch of idiots based on nonsense getting you killed - a dumb conspiracy theory will cause you to buy stocks that, if everyone keeps buying, will go up.
That is the most important part of this, and the thing that no one has really wrapped their head around yet. The why doesn’t matter at all. The do is what matters. No one can hurt you if you buy AMC stock. It is an act of protest, an act of greed, and an act of nihilistic destruction, and it will bear no negative consequences for you AT ALL. In fact, the absolute worst thing that can happen to you is you will lose money. Who gives a shit!?
Most people already don’t have any money. These are the people buying and holding AMC stock. They have nothing to lose.
Are you worried they’re going to lose money gambling in the stock market? If you join them, they won’t, and neither will you. If you watch them from the sidelines, they will almost certainly fail. It’s that simple. And what’s more, you and I and everyone can engage with this protest without getting our shit rocked by cops.
The truth universally acknowledged is that if these people have enough money to burn for long enough, they won’t lose, because they haven’t lost yet. What the point of this is that means it is a game of patience, and nothing else. They will have to cover and only then they will have lost. And big.
This is a tacit admission that the finance world knows that if more people buy AMC stock, it is guaranteed that they will have to pay up, lose money, and the stock will go up. That is not in question. And that is a wild statement, wilder for its truth.
The financial world continues to report one thing repeatedly, AMC stock is going down and you should sell your stock. Which, in true Jane Austen fashion, also means its opposite. According to their rules, because of their creation, i.e., the practice of short-selling, they will lose everything.
Imagine how difficult it would be to hire fucking lobbyists to fuck people over if you don’t have any fucking money.
This is the most important thing about AMC’s status as a unique, unionized ownership group: it is a direct attack on capital.
As I said earlier, the reasons people are doing this are immaterial in the face of what they are doing. Regardless of whether or not the intention of the collective as a whole matches up with attacking capital, it is still an attack on capital. And one that can be effective.
We should try every possible avenue of attack on capital. If a creative solution is using their own system against them, let’s fucking do it.
This is a union movement. This is a new type of collective action. This is an arena they were never expecting to meet us in. That is why we have the advantage now. It won’t last long.
