Tag: reviews

  • Shadow Selves, Lurking Fascism and Radical Compassion: Reviewing Naomi Klein’s Doppelgänger

    Shadow Selves, Lurking Fascism and Radical Compassion: Reviewing Naomi Klein’s Doppelgänger

    A review of Naomi Klein’s new book about Naomi Wolf, confusion and fascism.

    Editor note: originally published with From the Library

    Many confuse leftist writer Naomi Klein with right-wing writer Naomi Wolf. There’s a rhyme on Twitter.

    Credit: X, @markpopham

    It’s also the framing story for Klein’s new book. Naomi Klein sees Namoi Wolf as her doppelgänger, a German word for an uncanny evil twin. When Wolf became one of America’s biggest sources of COVID-19 disinformation, Klein went on a personal research journey across health, history, fascism, colonialism, the climate, and the future. She finds eerie conclusions.

    Wolf vs. Klein.

    Naomi Klein is painfully aware she always gets mistaken for Naomi Wolf. They have similar names, looks, religions, and careers, and both write “big idea” non-fiction books, sometimes with overlapping topics!

    Yet, Klein doesn’t hate Wolf; she’s obsessed with her, surveying every media appearance the woman made for years, and she knows a lot about double.

    Wolf’s first book, The Beauty Myth (1990), a feminist argument on the expectation for women to look and dress a certain way (and buy cosmetic products), is an example of society subjugating women. I agree with Wolf’s point; in 2023, this seems widely accepted.

    Wolf’s career had ups and downs. She consulted as a feminist advisor on the 2000 Al Gore presidential campaign and published a book-length libertarian listicle about fascism rising in America, The End of America: Letter of Warning to a Young Patriot. Ironically, fascism in North America and warnings are a topic of Doppelgänger.

    In 2019, something interesting happened. Wolf wrote a left-wing book about governments banning gay love based on her doctoral thesis. It got pulped and never came out. She went on the BBC to promote the book, and the interviewer called out her research as incorrect. Wolf misread historical court records and didn’t consul basic newspaper archives. Klein marks this as Wolf’s Jokerfying moment (my word).

    Jokerfied Naomi Wolf — Credit: Made in Canva by the author

    Mainstream media rejected her, so Wolf became reactionary. Platformed as “an exile of the left,” her rhetoric got increasingly deranged: microchip vaccines, 5G polluting air, real feminists like the abortion ban. All nonsense. Twitter suspended her, and X invited her back for now!

    Many publicly humiliated Wolf on Twitter. She continues to be humiliated on the app to this day. Humiliation keeps app users returning as an audience. Their schadenfreude, a German word for pleasure from someone from another person’s misfortune, is a troupe in a shared dialect. A shared symbol saying, Look at this crazy person!

    Ironically, vilifying right-wing writers offers them a monetization opportunity. Wolf can take haters and make herself famous, creating a network to broadcast disinformation.

    Vaccines, Autism, Fitness and COVID Disinformation

    COVID was terrible, an acceleration of every bad thing happening in the world, and there’s reason to be deeply skeptical of everything you hear to stay inoculated against bunk information. Klein concedes this.

    She recalls knocking on doors for her husband’s parliamentary election with the NDP. She had doorstep conversations with hippy-dippy peace and love flag owners who were very hostile against mandatory vaccinations and lockdowns. These voters distrusted public institutions.

    What politicized them? The material events of COVID and competing sources of propaganda. COVID-19 did disrupt people’s lives, often to their detriment. Unemployment, isolation, and, most of all, getting sick with the potential for death or lifelong consequences were radicalizing events. The theoretical ideas of “access” and “bodies in spaces” became literal regarding airborne infection, lockdowns, and work.

    Yet COVID was a prime opportunity for disinformation. People took advantage of the confusion to make things up for profit. Klein cites The Disinformation DozenEditSignEditSign, twelve online influencers that researchers traced back to COVID-19 false information. A strange pattern emerges.

    The Disinformation DozenEditSignEditSign — Credit: Center for Countering Digital Hate,

    Six out of twelve COVID disinformation accounts are accredited medical professionals: Doppelgänger doctors and alternative health experts who told people to ignore the CDC.

    There’s a former pharmaceutical executive, pediatrician, gynecologist, chiropractor, osteopath, and holistic psychiatrist, among other “alternative medicine entrepreneurs.” Even Naomi Wolf bills herself as a doctor because she has a Doctorate of Philosophy in English literature and a discredited thesis.

    These hucksters claim medical professionals are untrustworthy, yet ironically, they themselves are untrustworthy medical professionals. Again, a doubling.

    Why did so many credentialed medical professionals spread COVID-19 denial?

    Klein cites profit as the obvious answer: they make money by saying don’t take free vaccines. Buy expensive powders, pills, herbal supplements, and essential oils instead. Their credentials might play into people’s programming to trust doctors. Also, those credentials might make it easier for them to feel overconfident in their own reasoning skills since they went to medical school, and that false confidence causes them to misinterpret complex studies into nonsense.

    The body is both universal and personal, another doubling. Wellness is not neutral. Who’s “well” and how we should treat the unwell is a political question of power.

    Bodies Hiding Fascism

    Klein extends the argument, citing theory and history to show a link between the individual’s hyper-focus on the body and fascism.

    Consider the Nazi preoccupation with physical fitness, The National Socialist League of the Reich for Physical Exercise, and the propaganda exercise of the 1936 Olympics. How Nazis saw bodybuilders as the personified ideal Aryan. “Purity” through muscles.

    Runners carrying the Olympic Flame — Credit: Wiki Commons, German Federal Archive

    Klein cites recent research into Hans Asperger, the 2018 book Asperger’s Children: The Origins of Autism in Nazi Vienna. Asperger’s was a doctor of cognitive development, the former namesake of Asperger’s Syndrome. In the 1920s, he advocated for people with cognitive differences.

    Then in the 1930s, when the Nazis came to power, something changed for Hans Asperger. The double appears again.

    New proof shows Asperger collaborated closely with Nazi extermination programs and signed execution warrants for children as young as two. Consider that the Nazi party banned vaccines for Jewish people because they wanted Jewish neighborhoods to get sick.

    The lie that vaccines cause autism takes on eerie double meanings in these contexts.

    Calls to Action

    We are on the cusp of fascist control! That’s a rhetorically attractive idea for writers because then they have something to write against. They can write a book with a title like this:

    When Everybody Just Stops Doing The Thing In the Book’s Title, We Will Evoke Change Together!

    Klein wonders if a book’s call to action is hubris. A book can identify a trend but not stop it.

    Klein acknowledges she previously wrote books making such bold proclamations. So did colleagues who quit writing and started non-profits because writing did not spur real-world action. All of Klein’s previous calls to action were ignored.

    • No Logo (1999) warned against the multi-billion dollar branding industries, yet in 2023, everyone and everything is a brand. Branding one’s self is how you get a job.
    • Shock Doctrine (2007) extolled community mobilization to stop privatization and profiteering. Yet, COVID Has Made Global Inequality Much Worse, “Global billionaire wealth grew by $4.4 trillion between 2020 and 2021…more than 100 million people fell below the poverty line.”
    • In This Changes Everything (2014), Klein argued the world’s leaders needed to act immediately to stop catastrophic mass deaths from the climate crisis. America pulled out of international treaties and refused to decarbonize.

    Knowing that the world is in crisis and our leaders refuse to address the problem creates its own sort of double world. The eery vibe of doom-scrolling, seeing the projection of our shared fate but powerless to stop it.

    Doppelgänger avoids straightforward answers, perhaps in reaction to the previous books. This call to action is more optical. See the mirror world around you. See the double in yourself. Acknowledge it exists.

    Like in the Jordan Peele film Us, take the vision quest and “Find Yourself”

    Us (2019) — Credit: Universal Pictures

    Ask who owns the cages. Who’s locked inside? Who profits off conquest? Who sells the guns, the missiles, the bananas, and the consulting firm’s billable hours?

    The book’s call to action is also personal: try not to judge others quickly or too harshly. In a world where digital platforms exist to make us angry and whip us into a frenzy, being kind is a radical act.

    Call out dehumanizing generalizations like “all Palestinians,” “every Russian,” “those migrants,” and “the city’s rioting looters.” These generalizations lead to fatal ends.

    Klein offers good ideas: be kind, be caring. Cynically, these calls to compassion are sure to be ignored by leaders in business and government. While these ideas are actionable, they require devotion, discipline, and community, three things the world currently lacks.

    To conclude, a last call to action from a classic double movie is mentioned in the book.

    Dictators free themselves but they enslave the people! Now let us fight to fulfil that promise! Let us fight to free the world — to do away with national barriers — to do away with greed, with hate and intolerance. Let us fight for a world of reason, a world where science and progress will lead to all men’s happiness. Soldiers! in the name of democracy, let us all unite!

    — Charlie Chaplin, The Great Dictator (1940)

    Reviewed:
    Doppelgänger: A Trip Into the Mirror World
    By Naomi Klein
    Farrar, Straus and Giroux, 2023

  • GME, Dumb Money, And The Revolution That Wasn’t

    GME, Dumb Money, And The Revolution That Wasn’t

    Considering two books about the GME short squeeze

    A star-studded Hollywood biopic put the Gamestop Stock Short Squeeze back in the news. Two books were published about Gamestop mania, so I read both books, and this post considers their viewpoint, accuracy, and historical rigor. Can we finally evaluate the 2021 Stonks Squeeze? P.S. This book review is financial advice. Do as I say, or your money gets hurt.

    The Antisocial Network (2021) by Ben Mezrich

    Should you see Dumb Money, the movie? Probably. It looks funny, it’s full of stars, and Paul Dano pretends to be Keith Gill.

    The movie poster from https://www.dumbmoney.movie/

    Should you read the book Dumb Money, first published as The Antisocial Network (2001)? No. It’s a conventional retelling of what happened with GME that sides with “the Reddit masses” but doesn’t go deep enough to figure out who scammed money off those masses. Dumb Money oversimplifies the story, condenses the timeline, and covers the same ground as Wikipedia articles about the GME Squeeze. It was churned out quickly and seems designed for a movie adaptation.

    The book does a good job of making stocks exciting, cross-cutting Wall Street, Main Street, and Keith Gill, a.k.a. DeepFuckingValue, a.k.a. RoaringKitty. Yet the narrative is uncritical of the story’s major players. We learn a lot about Gill’s running aspirations and his plan to buy his hometown an indoor track; we don’t learn about Gill’s history as an accredited broker for the life insurance company MassMutual, his experience at a fin-tech startup, or his stint at a legal case crowdfund program, LexShares. There’s no investigation into why Gill left his job and decided to risk his own money.

    Gill’s MassMutual headshot compared to his meme-man headshot

    I find it strange that these details were omitted. Gill was a finance professional. His GME analysis was aimed at other finance professionals to invest their money in an undervalued equity. Two rich investors, Ryan Coen and Michael Burry, came to similar conclusions. Perhaps they even read his analysis and invested in the stock. Describing Gill as a plucky retail investor is technically true, but relatively few retail investors run rigorous earning report analyses or spend $54,000 on one trade.

    As the squeeze gets going, the book conflates retail investing to internet trend investors, citing the memes and the sea shanties to pretend degenerate Reddit gamblers are typical retail traders. Stock obsessives are outliers. Typical retail investors have 401K contributions that they set and forget. Arguably, they do not benefit from manufactured meme volatility.

    The book’s cited example of the single-mom nurse that follows meme stocks seems like another outlier over-analyzed to seem significant. Sure, some Redditors went from r/theDonald to r/Wallstreetbets and fancied themselves amateur investors. But I’d wager that pre-2021 Wall Street Bets had a higher percentage of finance professionals than other Reddit boards, as it’s a chat room for people who spend their days trading stocks. To his credit, Mezrich does stress the distinction that apes are typical retail traders at the end of the book during the Congressional hearing, and admittedly, the book grasps this nuance better than many elected Congress members.

    The strangest part of the book is the section about Elon Musk. A cheeky sci-fi fan fiction story about the billionaire, describing Musk’s underground space base where he eats aliens he caught on Mars. I think this voice would be cute for a novelty book from Urban Outfitters, but it was jarring in a nonfiction book about a major financial event. It misrepresents Musk’s role in the Meme Stonk saga and re-entertains Musk’s tiresome narrative that he’s some superhero evil genius. It’s Elon PR. In fact, Musk’s tweets about stocks have been the subject of SEC litigation in 2018 as well as in 2022 when he purchased Twitter. Shifting to a fan-fiction retelling of Musk avoids detailing Musk’s culpability of getting retail traders to make risky bets.

    This book seems written to make the internet happy and nobody mad, especially not any billionaires. It gives a TL;DR analysis of the event in broad outlines but little of the why or how this happened. This book is only for true GME obsessives. Thankfully, there’s a better book.

    The Revolution That Wasn’t (2022) by Spencer Jakab

    Spencer Jakab, a Wall Street Journal reporter, provides a clearer explanation of the Gamestock phenomena. His book surveys a larger timeframe, more sources and provides a deeper analysis to explain the financial machinations that caused the GME squeezes.

    His thesis is clear and depressing. Wall Street investment firms made more money from GME than retail traders did, and everything worked as planned. The whole scenario was capitalized on as a ploy billionaires used to get dumb money into the market. Jakab writes, “If something stirs up the retail crowd, it’s almost always good for the industry as a whole.” He quotes Wolf on Wall Street Jordan Belfort for emphasis.

    “I think what the average investor doesn’t understand is that Wall Street likes volatility, they make money on volatility, on volume, up or down. It’s nice to have a bull market but when volume dries up and there’s no activity, that’s when Wallstreet suffers most.”

    — Jordan Belfort, the Wolf on Wall Street

    Jakab argues that GME was a consequence of reckless gambling encouraged by investment banks, clearing houses, and especially gamified brokers like Robinhood. Financial trends precipitated the GME’s squeezes, and the author argues if these things hadn’t happened, the video game pawnshop would not have enticed the world into buying its worthless stock. Trends like…

    • ZIRP (Zero Interest Rate Percentage)
    • Ubiquitous smartphones
    • Commission free trading
    • Payment for Order Flow
    • SPACs, OTC, and Crypto trading (unregulated assets)
    • The 2020 COVID flash crash
    • “Donny Pumps” or Donald Trump’s immediate business bailout and money printing
    • Using stimulus checks to open brokerage accounts
    • “Buy calls” cheat-code / retail trader’s shifting preference toward options
    • E-Z leverage for Robinhood traders
    • Experience with TSLA Gamma Squeezes
    • Billionaires and finance influencers

    If the government wasn’t printing money to keep the stock market afloat, and if Wall Street hadn’t spent the previous decade making it easier for anyone to place bets on stocks, we wouldn’t have seen this short squeeze.

    Jakab also points the blame at rich influencers who really made money from the 2021 Meme Stocks.

    Like Ryan Coen, the Chewy.com CEO who became a billionaire from his GME trades. Today, he’s under SEC investigation for telling retail investors to buy Bed Bath & Beyond as the company headed to bankruptcy.

    Elon Musk tweeted about GME, and he has a longstanding grudge with short sellers. TSLA gamma squeezes were experiences that informed the GME gamma squeeze. Later Musk went on TV and pumped and dumped Dogecoin, an unregulated cryptocurrency on financial markets. While he might not have profited from GME, he profits from the phony narrative that investing in failing securities is somehow a rebellious action.

    Dave Portnoy, a spokesperson for the online gambling industry, made big bets on meme stocks for clout. He lost, but he profits from an environment of stupid retail traders. This is the guy who picked stocks to rally from a Scrabble bag. His BUZZ ETF tracks popular stocks, and it’s down 30% from ATH (on 9/15/23). Whether ETF commissions or gambling app referrals, the man always tries to score points on the vig.

    When Robinhood filed for its IPO, it revealed 2021 was massively profitable and saw the creation of thousands of new accounts. Ken Griffin, CEO of Citadel Securities, ended 2021 as the world’s 37th richest person. Options sellers reported the largest profits in history, as did investment banks like Morgan Stanley and Goldman Sachs.

    The evidence is overwhelming: retail did not win on the GME short squeeze. Only a small minority of people made money. Nobody stuck it to the hedgies, the market functioned as designed, and Wall Street won from meme stock mania.

    Future Market Predictions

    Did the market makers collude on 1/21/21 to screw over retail traders when Robinhood stopped selling Gamestop shares? Not exactly. Both books agree that financiers and lawmakers collude to screw retail traders as much as the law allows (a lot). But halting buy orders on Robinhood is not illegal nor irrational for the broker. Both books agree that Robinhood has the legal right to reject buy orders on a volatile equity if they can’t afford to fulfill the order. It’s like a store without inventory; buyers are free to go to another brokerage and buy it.

    Jakab cogently argues Robinhood screwed retail way before 1/21/2021 by using Pavlovian conditioning to gamify stock trading and get their users addicted to dopamine hits from options gambling. This trend makes more money than the blip any market professionals “lost” on covering Gamestop shares.

    Since publication, the Reddit board r/GME_Meltdown shows the consequences of meme stocks. The men who bought GME, BBBY, AMC, and other meme stocks seem like people trapped in cults, multi-level marketing schemes. Insisting the stocks of bankrupt companies will go up seems no different than having nutritional supplement powders in your garage. It’s hard to know who’s telling the truth on message boards, but posters have reported losing their entire savings, their jobs, homes, and families. Did these men win by getting the opportunity to invest recklessly?

    The dreaded short-selling firm Melvin Capital did close, but Gabe Plotkin survived. He bought the Charlotte Hornets. He’s doing good.

    As for retail traders, this week Wall Street Journal published an article about daily options gamblers. The paper claims $3.1 billion was lost last year on short-expiry options.

    “We should stop pretending that’s what’s going on is investing,” said Benjamin Edwards, a professor at the University of Nevada in Las Vegas who has studied securities law. “It’s just gambling.”

    — Wall Street Journal

    So what does this mean for the future? I predict more of the same. More market shenanigans that benefit a few thousand people who work in the FIRE (finance, insurance, real estate) industry at the expense of billions of people who don’t. More ways to trick know-nothings into feeling confident enough to waste their money on complex financial instruments. The Gamestop Stock Shorting Scandal of 2021 is the perfect example of how inefficient markets are at running an economy. GME reinforced the truth that markets are designed to enrich the few while impoverishing many.

    RIP Apes, January 2021 — January 2021.

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    Originally published on my Medium account.