Can Meme Stocks Shift the Economy in Favor of the Little Guy?
The financial system has been turned on its head in the past few months with the rise of what has been named “meme stocks.” But is this grassroots movement of regular everyday investors a passing trend? Or could they really transform the way our economy works going forward?
“Meme stocks,” called such because they are ordinary stocks fueled by people through social media, can spike in value based on the zeitgeist and not the fundamentals of the companies they represent, and as a result can often be highly volatile. Made famous by the popular subreddit r/wallstreetbets, this is truly a grassroots movement.
But even with the volatility that comes with these stocks, investors are not shying away from them. Many investors are doubling down, despite warnings from financial institutions, or perhaps in spite of them. But what is driving the popularity of meme stocks, and why do they continue to grow contrary to what markets dictate?
Zeus Yiamouyiannis, author of “Transforming Economy: From Corrupted Capitalism to Connected Communities,” explains:
“Well the first thing I think is the larger social phenomenon of the little guy getting screwed, and the big guy rigging the game. And it has never been any more rigged and the concentration of wealth has never been more dramatic, and so what happens is it creates this groundswell of desire to strike back at an unfair system, to strike back at these profiteers, and to win one for the little guys.”
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It's Time to Ask Whether We're Buying Ethically Mined Crystals
Crystals have become a hot commodity, as an increasing number of people are realizing their multi-faceted healing benefits. This has come to include celebrities, those trying to capitalize off their demand, and the average Joe. But when a natural resource becomes so valued, it’s probably time to start asking whether we’re buying ethically mined crystals or conflict stones.
Buyers and sellers of gems and minerals converge annually in Tucson, Ariz. for arguably the largest convention of its kind. There, minerals are brought in from across the globe, sold to private collectors, or shop owners around the country. Attendees find large specimens, themed displays, and some of the most beautiful examples of just about every gem and mineral known to man.
But where do they all come from and how do they get there? That was a question The New Republic recently asked, wondering whether the acquisition of healing crystals should be viewed through the same lens as conflict diamonds.
