The term “Alt-Right” has gone out of fashion largely because there is increasingly little differentiation between the US right in general and the section that promotes extreme & far-fetched ideas via internet communities and social media. I still find it a handy term though, partly because for everybody else when we think of “conservative” we think “pro-business and pro-capitalism”. Whereas, the modern right’s relationship with those ideas are more akin to the stance of some right wing political movements in the first half of the twentieth century i.e. often critical of established interest while being overtly hostile to left-wing movements and reform of capitalism. The question as to why the modern right’s stance on capitalism resembles that of, say, 1930s fascist movements is an exercise I’ll leave to the reader*.
Meanwhile, people of all kinds of politics have been paying attention to the Reddit-led antics on the stockmarket, where a kind of internet-rebellion has done some severe damage to dodgy hedge funds. There are numerous explainers out there but will go with Cory Doctorow’s:
Although the morals and motivations of both parties may be complex, it really isn’t hard to pick sides here. People (rightly) are cheering on the Reddit-rebels and enjoying the misfortune of the hedge funds.
When the app that many of the people where using to trade the stock clamped down on the sale of Gamestop stock, there was a political pushback from both major political parties.
Ted Cruz in turn said he supported AOC’s tweet, which led to a different back-and-forth when she pointed out his complicity in the death threats against her.
More widely on the internet, the right wing voices I keep an eye on generally take the same position of cheering on the Reddit-led stock-trading rebels. This isn’t surprising because events share some (but not all) of the features of the kind of internet based actions that the alt-right have either fostered, attached themselves to or taken over in the past:
- It features individual action coordinated within internet communities
- It exploits vulnerabilities in existing systems that assume that individuals (rather than institutions) will only participate as discrete individuals (i.e. not act in a coordinated way for other motives)
- It can be cast in terms of ordinary people versus shadowy elites
- It doesn’t and cannot lead to any kind of positive systemic reform
- It does not seek to aid or improve the lot of marginalised people
It is those latter points that prevent the conflict from being to inherently left-wing in a way that would lead right-wing voices to flip the other way and start denouncing the Redditors as terrorists or cultural Marxists etc. Similarly, the final dot-point is what distinguishes this from an ACTUAL right wing internet insurgency. While Gamergate and the Puppy campaigns share many of the points above, those campaigns actively sought to make the lives of marginalised people worse and were overtly anti-left in nature (although they attempted to portray themselves as having a more neutral agenda e.g. “ethics in journalism”.)
Put another way, the r/wallstreetbets actions are NOT “Gamergate but with stocks” but do share enough similarities that the Gamergate-right are not just supportive of it but positively excited about it and regard it as a thing which is “theirs”. Like watching a necker-cube, a small shift of perspective allows us to see the same events as something that people on the left can support. There’s not a paradox there nor is it a case of left and alt-right finding common ground or the beginning of a kind of red-brown alliance. Left and right are looking at different things here.
What’s the difference? For the left the premise that “Wall Street sucks” is not news. The stock market is just one of the more obvious ways in which we live in a system with entrenched power for the wealthy and laws that help support that. The means with how that has come about are known and people have been documenting them for a couple of hundred years at least. It is a systemic problem and hence the system needs either mild-reform (liberalism), substantial reform (social-democracy) or needs to be torn down and utterly replaced (revolutionary communism). It’s not a conspiracy, it’s not a surprise, and nor is it even the worst part of the current economic status-quo.
For the alt-right none of the above is viewed as correct. They see the initial events as capitalism working as it should and then the “elites” stepping in and rigging the game. The literal term “elites” has wide currency and is a free floating concept. For the more openly neo-Nazi groups they equate the term with Jewish people. For the overlapping Qanon cultists, it is the shadowy groups trafficking children and engaging in cannibalistic anti-ageing rituals. Across the board on the right, the “elites” are blamed for all social change that the right reacts against. So everything from science fiction books not having enough rockets on the cover, to Star Wars having to many women in it, to trans-rights, Black Lives Matter or fossil-fuel reduction targets. So, when the government takes action to stop the stock market tanking, then for the right that is the same “elites” (as in they think it is quite literally the same people) who are rolling out Covid vaccines or are using “they/them” pronouns on their Twitter profiles.
For an example, here is Brian “Dragon Award Winner” Niemeier:
“Taken together, those breadcrumbs form a trail leading to 1600 Pennsylvania Ave. The GameStop squeeze threatens big donors and the Treasury Secretary, so Biden Intervened.”https://www.brianniemeier.com/2021/01/biden-intervened.html
(Also, note the grift element at the end!)
Again, note – yes, the Biden administration almost certainly is intervening or is going to intervene but again, the core reason being that the stockmarket is systemically bad. A government can’t not intervene because wobbling the table can’t be allowed when the whole economy depends on a very expensive house of cards. The Trump administration would have intervened as well — the difference is that the alt-right would have characterised that as the “swamp” or the “deep state” acting against Trump’s wishes. The characters would have shifted but the narrative would have been the same.
The right-hand side of politics can’t adopt the answer of “systemic inequalities lead to dysfunctional societies” and hence when things aren’t working out the answer becomes “evil people are making the good system work badly”. They take as axiomatic that there must be hierarchy with better people at the top who are rightly rich and powerful, so when facts show the people at the top are just flawed people muddling through and acting in petty or short-sighted ways, they conclude that their must be a conspiracy. For a given individual, the “conspiracy” may not start as an anti-Semitic one but they trend that way. In short Nazis will be looking to exploit these events to recruit.
“Hey”, I hear you say, “You haven’t mentioned Vox Day yet.” Good point. He’s obviously saying much of what I summarised above i.e. a right-wing extremist trying to put a Gamergate spin on it. However, for readers who have been trying to follow the confusing Patreon litigation, he has also been pointing to the Robinhood app’s arbitration clause. The “swamp a company with arbitration claims” tactic is another aspect that is something that has been used for progressive causes but which is also being adopted as a right wing tactic. The lawyer involed in the Patreon case (Marc Randazza see this earlier post https://camestrosfelapton.wordpress.com/2020/07/14/meanwhile-in-law-virulent-nationalism/ ) is promoting the idea:
Note that losing these kinds of mass actions is not necessarily a failure for the wider objective of the right. As was seen with Gamergate, some people get dragged into the initial enthusiasm and then drop out when everything fizzles out. For others, losing helps feed the radicalism. It’s the same coping mechanism we all watched with the recent election. A person takes in all the propaganda of inevitable victory to the point that they are absolutely certain of the outcome. The outcome then doesn’t happen. Response? Somebody must have cheated! Reality intruding into the confabulated ideas leads to some people holding onto those ideas more strongly. This is particularly true when those ideas already contain a narrative of shadowy nefarious people working against the individual personally.
TL:DR The Gamestop story is not “Gamergate but with stocks” but the far right will attempt to exploit it to recruit and radicalise.
*Hint: it’s because they are just an updated version of those same movements.