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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.

Blockchain and Cryptocurrency – A Hypercapitalist Nightmare

The technology of blockchain continues to gain in popularity. It’s been advertised as disruptive, even revolutionary. Proponents believe it will change the world economy for the better, making it a more fair and equitable place. From the rooftops they shout, “Decentralization! Immutability!”

But is the hype all it’s cracked up to be? Is this a fad destined to fizzle? Or, even worse, is the blockchain push just a smokescreen for something much more sinister?

Socialist Action 2022 Fund Appeal – Invest in the struggle for a better world!

Now that another year of pandemic is behind us, it is time to reflect, and to replenish our resources. Inspiring are the first signs of a revival of the workers’ movement, including new union-organizing efforts, and the many young workers who are joining the revolutionary socialist movement. The aim of this New Year’s Fund Appeal is to raise over $5,000 between now and February 28, 2022, to enable Socialist Action to rise to the challenges ahead. We seek to enlist your support for our efforts to build a larger, more effective, non-sectarian, socialist working class party.

Greetings to SA USA!

The following greetings were presented by Elizabeth Byce, SA/LAS Canada to the annual convention of Socialist Action USA, which took place January 30, 31, 2021. Dear comrades of Socialist Action – USA, I bring you warmest revolutionary greetings from Socialist…

Free Meng Wanzhou. Normalize relations with China

Protesters gathered outside the Toronto constituency office of Deputy Prime Minister and University-Rosedale M.P. Chrystia Freeland to demand "Free Meng Wanzhou.  Normalize relations with China" on Tuesday, December 1.The organizers seek to end Ottawa's complicity with illegal United States' trade…

How to Get the Change We Need

My name is Lisa and I am a member of Socialist Action USA, from its Minneapolis branch. I thank SA Canada for inviting me to speak (to the “Revolution or Ruin” conference, November 21). I look forward to hearing your…

Education for Activists Conference: Revolution or Ruin

Socialist Action - Canada presents an internationalEducation for Activists Conference“Revolution or Ruin” An online gathering to address the multiple crises of world capitalism WATCH HERE: https://youtu.be/nuLDI5rZ_xE Saturday, November 21, 2020  4 p.m.  Eastern Standard Time “The Change We Need”Kathy McDonald, Trustee on the…

WEBCAST: How to Build a Revolutionary Party Today

Thursday, October 29,  7 p.m. EST, 4p.m. PT  How to Build a Revolutionary Party Today, with Henry Heller, professor of history at the University of Manitoba, Gary Porter, Socialist Action organizer in British Columbia, and Suzanne Weiss, author of “Holocaust to Resistance”…

WEBCAST: The Authoritarian State bolstered by COVID-19

Thursday June 25   7 p.m. eastern time:  The Authoritarian State bolstered by COVID-19.  Host:  Elizabeth Byce.  Speakers: John Clarke, co-founder of the Ontario Coalition Against Poverty, and John Wunderlich, Board Member MyData.org https://youtu.be/wQjCB86XXDU For more information, including links to past webcasts and other…

Contact Tracing or How governments try to justify the expansion of their spying powers

by Kurt Young In the 2010’s a new technology called Near Field Communication (NFC) rolled out for public use. This is the technology behind the tapping feature of credit and debit cards. Many privacy advocates believed this technology would be…