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Elon vs. ADL, Wall Street's Housing Racket, Glass House, Forbidden Flag, ERAS, Trump Raps, BRICS
The People's News for the People's Coin 8/30-9/5
This week’s digest covers Elon’s clash with the ADL, Wall Street’s real estate racket, the DOJ’s investigation into Elon’s glass house, the Gadsden Flag, the cinematic adaptation of Taylor Swift’s ERAS Tour, new Trump songs, and the latest on BRICS. News Bites and top memes are at the end.
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Elon’s Battle with the ADL
𝕏 is filing a lawsuit against the Anti-Defamation League…for defamation.
On Monday, Elon hinted something was about to go down by posting, apropos of nothing, that he is “against anti-Semitism of any kind.”
Later in the day, he announced a lawsuit against the ADL, a non-profit whose nominal mission is to fight anti-Semitism.
The ADL is part of a coalition of organizations called “Stop Toxic Twitter” calling for advertisers to boycott the platform until it implements tighter restrictions for speech.
In 2020, the ADL ran a similar campaign against Facebook, causing it to lose $60B in market value in two days.
The ADL-led coalition claims—without proof—that Elon’s ownership has led to a rise in hate on the platform. Its campaign has significantly hurt 𝕏’s advertising revenue.
While the ADL claims its purpose is to fight anti-Semitism, in reality it’s devoted to enforcing far left orthodoxy.
For example it pressured 𝕏 to ban the popular account Libs of TikTok, run by an Orthodox Jewish woman, for exposing the excesses of Transgender ideology.
𝕏’s lawsuit was a hot topic of discussion on Monday. Elon argued that the ADL’s censorial overreach makes them “ironically the biggest generators of anti-Semitism on this platform!”
He also brought up the elephant in the room: AI-powered bot swarms behind hate speech can be controlled by a few people, and may even originate from the organizations who claim to be fighting hate.
Zooming out, the lawsuit is another escalation of Elon’s battle against the speech cartel: the network of government agencies, non-profits, legacy media outlets, and private donors who police what can be said on the Internet.
Elon acquired Twitter last year after censorship got out of hand. When he took over, he sacked thousands of employees tasked with monitoring speech, and exposed the government’s meddling by releasing the Twitter Files.
The speech cartel responded with advertiser boycotts and hundreds of articles smearing Elon’s leadership. Their ultimate goal is to pressure 𝕏 to relinquish control over what can be said on the platform to political ideologues.
Despite the constant attacks, 𝕏 routinely hits new highs for user activity, largely on the strength of its reputation as the only major social network that supports free speech.
By implementing paid verification, 𝕏 diversified its revenue stream to the point where it no longer depends on advertisers to survive, a shrewd move that allows it to stand firm on the First Amendment.
In August, Elon announced a lawsuit against the Center for Countering Digital Hate (CCHD), a shadowy British non-profit that advocates for censorship.
He has hyped the Document Discovery phase of both lawsuits as a way to establish who’s funding/directing the Censorship Industrial Complex.
He also considered a “giant data dump” of communications between the Censorship Industrial Complex and 𝕏.
If it takes place, it will be a bonanza for independent journalists looking to get to the bottom of the surge in censorship over the last few years.
Whatever happens, the battle for the First Amendment has become a fight to the death. Either the Speech Cartel will destroy 𝕏, or it will be exposed as one of the most nefarious conspiracies against free speech in American history.
What do you think: is Elon’s lawfare campaign against the Speech Cartel a good idea? Who’s at the bottom of all the censorship? And who will come out on top?
Wall Street’s Housing Racket
In recent weeks, RFK Jr has put Wall Street in the crosshairs with a new campaign message.
Lately, he’s been opening campaign events with short speech about Wall Street’s war on the middle class.
In particular, he’s targeted asset managers BlackRock, Vanguard, and State Street for driving up real estate prices to the point where the average American is paying 1/3rd of income on rent and the average housing payments is a record high $2,600.
On Sunday, he released a campaign video explaining how big money runs the housing market: “These investment firms swoop in as soon as the house comes on the market, they outbid prospective homebuyers with cash offers, they add that property to their investment portfolio, and then they rent it back to you or your children at the most exorbitant rate that the market can bear.”
The entry of Wall Street into real estate has put the squeeze on regular Americans.
Over the past three years, buying a home has become more expensive than ever before, while rent has steadily increased.
In recent months, the American housing market has frozen.
Sellers don’t want to leave their 3% mortgages to get into a 7% mortgage, so they have no incentive to drop their prices to attract buyers, who don’t have the cash to meet sellers’ prices historically high prices. As a result, houses have stopped changing hands.
The only thing keeping the market from collapsing, it seems, is the continued incursions of Wall Street asset managers.
RFK told The Breakfast Club that at the current rate, BlackRock, Vanguard, and State Street will own 60% of single family homes in America by 2030, creating a nation of renters.
Meanwhile, central bankers at the Federal Reserve are attempting to create more unemployment and destroy demand to tame inflation.
Mortage defaults and unemployment are almost perfectly correlated: as unemployment increases, so do defaults.
In other words, if policymakers get what they want, the housing situation will get worse for regular Americans, creating a wave of defaults that will allow big money to swoop in and buy even more houses on the cheap.
It’s anyone’s guess how long the current trends in real estate play out, but right now, they don’t look good for the little guy.
What’s certain is that Wall Street’s entry into the retail housing market is widening American inequality at a time when homeownership is already inaccessible to a growing number of young people.
What do you think: is RFK’s economic populism a winning message? Or is there a better way to promote homeownership and family formation for middle class Americans?
Elon’s Glass House Investigation
Elon Musk is being investigated by the Department of Justice, again.
This time, the federal government is going after him for allegedly using Tesla company funds to build a glass house as part of a secret “Project 42.”
The idea of the federal government going after the world’s wealthiest man for supposedly stealing his own company’s money to build a house, especially when so many politicians and government functionaries are guilty of egregious corruption, is pretty absurd.
Elon denied all accusations and seemed in good spirits despite the lawsuit. In one post, he wrote, “This just makes them look like fools and undermines their credibility.” In another, he compared Wall Street Journal’s headline about the investigation to the satirical newspaper Babylon Bee.
So what do you think: will Elon go down this time? Or is he somehow trolling his enemies?
One of the more amusing spectacles on 𝕏 this week started when a 12-year old middle schooler student named Jaiden was removed from class for refusing to remove a Gadsden flag patch from his backpack.
His teacher said the flag was a symbol of slavery and racism. In reality, it traces back to the American Revolution. In the present day, it is a favored symbol of Libertarians.
Jaiden’s family recorded the subsequent teacher conference and posted it to social media.
After being forced to leave school, Jaiden posed for a picture by a teacher’s car festooned with political bumper stickers.
The episode went viral on 𝕏 and, for a few days, became one of the hottest memes on the platform. Jaiden did several interviews with online news shows while wearing a tricorne hat favored by American revolutionaries.
Some saw the events as an object lesson in how the public education system discriminates against moderates and conservatives.
Hilariously, all the attention on Jaiden’s backpack caused people to notice that it also had patches advertising Bitcoin and Doge.
What do you think: is the evidence of ideological discrimination in the public education system, or a the mistake by one overzealous teacher?
This week saw a big happening in the meme stock movement: AMC Theaters announced it is the exclusive distributer for a cinematic version of Taylor Swift’s THE ERAS TOUR.
CEO Adam Aron announced the partnership with a post to 𝕏 on Thursday morning.
THE ERAS TOUR is already the highest-grossing music tour of all time.
AMC will probably sell a lot of tickets to Swifties priced out of the notoriously expensive tour.
In July, Aron teased AMC's involvement in ERAS, and also grouped himself with Elon and GameStop Chair Ryan Cohen, two other meme-literate business leaders.
AMC maintains a devoted community of “Ape” retail investors on social media.
AMC stock has been getting crushed lately, down 64% on the year. It recently completed a reverse split, after which it inexplicably lost nearly half its value.
Meme stocks are still routinely eulogized by the media. A recent article claimed AMC is destined for bankruptcy.
The Taylor Swift announcement produced some optimistic memes by the Apes, who did not appear shaken by the latest wave of bad press.
I have no idea what happens from here, but AMC/GameStop are an important subplot in the story of the financialization of memes.
Many of the memes that propelled the Dogecoin Rise—e.g. diamond hands—first caught fire during the meme stock rebellion
It’s always felt to me like the meme stock story isn't over yet. Keep an eye on the fate of the Apes.
What do you think: Is AMC destined for bankruptcy, or will Taylor Swift breathe new life into the Ape movement?
Donald Trump’s mugshot continued to be one of the hottest memes on 𝕏.
It also inspired several musical releases, the most popular of which came from a group called TrumpLatinos.
One of the biggest stories from the past two weeks has been the expansion of BRICS, a global economic coalition to challenge the US-led G7.
On Friday, All-In Podcast’s David Sacks analyzed the significance of BRICS in this short video, arguing that it could mount a viable challenge to the West in the coming years
Dogey Treats: News Bites
Congressman Jim Jordan subpoenaed the Center for Countering Digital Hate over its communications with the White House. Michael Shellenberger’s Public published an expose on the CCDH, claiming that elite institutions use the narrative that hate crime is increasing in order to justify more censorship.
A recording of the Elon-RFK Jr. Spaces event was censored from YouTube. Elon wrote, “Many of the censorship squad that we exited from this platform have moved to other social media companies.”
Elon said ChatGPT is a predictor of garbage because of its bad data sets.
Advertising for a scam 𝕏 Token was seen on Facebook.
Tonight, Tucker Carlson will release an interview with a man who said he had sex with Barack Obama in 1999. In a fascinating podcast with Adam Carolla, Carlson said several mainstream news anchors are mouthpieces for intelligence agencies. delved into Obama’s sordid personal life, predicted a US war with Russia, discussed the potential assassination of Trump, and explored intelligence agency overreach.
Trump warned Democrats want to “bring back Covid hysteria” for elections and said he was open to picking Vivek Ramaswamy as his VP. State-level efforts to remove Trump from the 2024 Presidential ballot are gaining momentum.
Representative James Comer said an impeachment inquiry into Joe Biden is imminent. Joe Biden’s team set up an “impeachment war room, filled with dozens of lawyers and aids” in preparation for the inquiry. Elon wrote, “Hunter’s personal shenanigans are kind of entertaining and have limited harm to others, but getting America involved in corruption with other countries is a much more serious matter.”
A poll by CNBC reporter Brian Sullivan found 3/4ths of 3000 respondents wanted a debate between Joe Biden and RFK Jr. Kennedy wrote, “President Biden could put to rest any concerns about his fitness for office by engaging me in a vigorous, issues-oriented debate. Let’s end the speculation and let the voters see for themselves.”
In response to the news that Trump’s Fulton, Georgia trial would be live-streamed, Elon wrote, “The most entertaining outcome (as seen by a third party watching a show) is the most likely”
Elon questioned why the media is not covering children in cages under the Biden Administration. He said of the media, “The media lies constantly. Explicit lies are easy to catch, compared to the choice-of-narrative lie. They completely ignore that which they don’t want to talk about, but will turn a molehill into a mountain when they do want to talk about it.”
A Washington Post reporter was ridiculed on 𝕏 for his evasive response to a question about evidence of Joe Biden’s bribery.
One of the CIA agents who signed the erroneous letter calling the Hunter Biden laptop “Russian disinformation” also worked for Twitter.
JPMorgan Chase flagged for the US Treasury one billion dollars in Jeffrey Epstein’s suspicious transactions relating to human trafficking, a lawyer for the USVI told a federal judge.
Alex Soros penned an opinion piece for Politico explaining the Open Society Foundation was redirecting funds from Europe to defeating Trump: "I believe a MAGA-style Republican victory in next year’s U.S. presidential election could, in the end, be worse for the EU than for the U.S."
The SEC delayed decisions on spot Bitcoin ETFs for 45 days. An analyst for JPMorgan said the SEC will likely approve Grayscale’s Spot Bitcoin ETF.
Cathie Wood said the convergence of AI and Bitcoin could cause an explosion in productivity.
A Chinese court ruled that crypto is property
Anthony Fauci was confronted by CNN anchor Robert Smirconish with a meta study showing that masks are ineffective against Covid-19. Fauci insisted that masks work on an individual level even if they are ineffective at a “population level.”
Gregg Phillips from the documentary 2000 Mules told his story about curing cancer by treating parasites
Mike Solana examined how memes and reports from Burning Man took on a life of their own and far exceeded what actually happened.
Memes of the Week
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