There was a thread yesterday about Jim Cramer and Gamestop (GME) stock.
Although I disagreed with just about everyone in that thread, it did cause me to do a little digging.
I found this lecture by Patrick Byrne. He explains how Goldman Sachs creates FAKE shares of stock that do not exist, and this is how their company is so profitable.
The problem is, it has caused massive leverage in the system, and could be one of the reasons for a stock market crash (the money printing by the Federal Reserve is the other reason).
Goldman Sachs and the other prime brokers are THE SOURCE of ALL fake shares in the marketplace (and basically, all the fuckery in the marketplace).
The part where he explains HOW they create the fake shares is about 10 minutes of the presentation, and starts at about 3:00 (then, he goes on to talk about how to solve the problem with blockchain):
https://www.youtube.com/watch?v=COQvMsbb-Cw
- Almost 100% of the profits of Goldman Sachs comes from their "Securities Lending" operation
- That operation is focused mostly on "hard to borrow shares"
- They identify stocks that people want to short, then they lend those shares out
- They do NOT have to actually own the stock when they lend it out
- This allows GS to lend out shares that do not exist
- Since they are also a prime broker, most of this lending is necessarily to hedge funds, which are the investors who are shorting stock that does not exist
Goldman Sachs and the other 5 prime brokers are the SOURCE of all the fake shares out there.
This is EXACTLY the same as the "money changers" from centuries ago, when they created more money certificates than were actually backed by gold on deposit. Same exact scam, just with stock instead of gold.
It is always good to know the names of the criminals to prosecute. Now, it's just a matter of finding the prosecutors and getting them into office.
Didn't think i needed to post a source since its all over the internet and incredibly easy to find.
GameStop revenue for the quarter ending October 31, 2021 was $1.297B, a 29.05% increase year-over-year.
GameStop revenue for the twelve months ending October 31, 2021 was $5.879B, a 13.89% increase year-over-year.
https://www.macrotrends.net/stocks/charts/GME/gamestop/revenue
You were being a dick, and you are wrong about most things you've said. So i'm being a dick back. You are wrong. You lack foresight. You are inflammatory. You are annoying. Im done.
Who needs punk ass bitches anyway. He can wallow in his retardation.
You just can't seem to get anything right, can you?
And you have not answered ONE of my questions, but have probably posted here more than I have ... and in all of that, you have said nothing.
And you still write like a child. Grow up.
LOL. You apparently can't read.
Your OWN SOURCE says:
https://www.macrotrends.net/stocks/charts/GME/gamestop/revenue
Those are the same numbers that I posted from the SEC.
Looks like GME has a fiscal year-end of March, not December. I did not know that (but you should have).
They might have a slight increase in revenues when the next year-end finishes.
So, maybe they will turn around. But they are currently still losing money.
Will be interesting to watch the fireworks from the sideline.