The long view
Emerging Threats to the U.S. Financial System
In early 2021, a freewheeling, freethinking group of investors on Reddit plowed their money into GameStop, a video game retailer that several big hedge funds had bet against. The stock price shot up, some people made millions—and, to the delight of those on Reddit, the hedge funds had some very bad days. Researchers saw the GameStop story as a cautionary tale. If investors on Reddit could work together to move the markets like that, what could an adversary like China do?