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Behind Sam Bankman-Fried’s Cryptocurrency Crash

Thirty-year-old “wonder boy” Sam Bankman-Fried (often called SBF) was, at $21 billion, among the richest men on earth. Until a month ago, he was CEO of the second-largest cryptocurrency exchange in the world, FTX—valued at $32 billion. On the cover of Forbes and Fortune magazines, he was touted as a financial genius akin to Berkshire Hathaway’s billionaire financier, industrial magnate, and “philanthropist” Warren Buffett. But SBF’s FTX filed for bankruptcy in early November. A competitor, CoinDesk, apparently hacked its financial balance sheet and made it public, revealing grave discrepancies between FTX’s claimed worth and the reality of its investment portfolio. All hell broke lose as investors ran for the hills. In a matter of days most of FTX’s $32 billion evaporated.

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Socialist Action | Looking back at 2022, and Going Forward in Struggle

Socialist Action is a growing revolutionary workers’ party that puts a great emphasis on political education. At the same time, SA is an activist organization. It has many practical accomplishments to its credit, including achievements in local elections, in building a fighting left wing inside mass working class organizations, and in promoting international solidarity. From Iran to Haiti, from Britain to Ontario, 2022 has been a year of revolt against austerity, authoritarianism, and repression.

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New Brunswick Artists in Survival Mode

If you were a New Brunswick artist would you be able to eat well and drive a functional car? Would you be able afford day care for your children or receive a pension? Would you be able to establish a viable business based on selling your art? Probably, the answer to all of the above, and more, is No. According to Future First, a report of the Premier's task force released last year, artists in NB face economic insecurity with job instability, low income and a limited regulatory framework. The report was debated by dozens of artists at a contemporary arts conference in Saint John, NB in late October 2022, titled "Future Possible." It was, perhaps, the first opportunity for artists to confer in person about the report which was released last year.

Announcing the Municipal Socialist Alliance Shadow Council

After the 7th MSA convention on Monday, Nov. 21, the MSA announced our shadow council on Wednesday, Nov. 23. A group of MSA candidates and supporters visited city hall for the beginning of a new term of Toronto city council. We intended to hold a press conference outside of Mayor John Tory's office to announce the formation of the MSA shadow council and to observe the first session of city council.