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How to shatter the class solidarity of the ruling class
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I'm touring my new, nationally bestselling novel The Bezzle! Catch me WEDNESDAY (Apr 11) at UCLA, then Chicago (Apr 17), Torino (Apr 21) Marin County (Apr 27), Winnipeg (May 2), Calgary (May 3), Vancouver (May 4), and beyond!
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Audre Lorde counsels us that "The Master's Tools Will Never Dismantle the Master's House," while MLK said "the law cannot make a man love me, but it can restrain him from lynching me." Somewhere between replacing the system and using the system lies a pragmatic – if easily derailed – course.
Lorde is telling us that a rotten system can't be redeemed by using its own chosen reform mechanisms. King's telling us that unless we live, we can't fight – so anything within the system that makes it easier for your comrades to fight on can hasten the end of the system.
Take the problems of journalism. One old model of journalism funding involved wealthy newspaper families profiting handsomely by selling local appliance store owners the right to reach the townspeople who wanted to read sports-scores. These families expressed their patrician love of their town by peeling off some of those profits to pay reporters to sit through municipal council meetings or even travel overseas and get shot at.
In retrospect, this wasn't ever going to be a stable arrangement. It relied on both the inconstant generosity of newspaper barons and the absence of a superior way to show washing-machine ads to people who might want to buy washing machines. Neither of these were good long-term bets. Not only were newspaper barons easily distracted from their sense of patrician duty (especially when their own power was called into question), but there were lots of better ways to connect buyers and sellers lurking in potentia.
All of this was grossly exacerbated by tech monopolies. Tech barons aren't smarter or more evil than newspaper barons, but they have better tools, and so now they take 51 cents out of every ad dollar and 30 cents out of ever subscriber dollar and they refuse to deliver the news to users who explicitly requested it, unless the news company pays them a bribe to "boost" their posts:
https://www.eff.org/deeplinks/2023/04/saving-news-big-tech
The news is important, and people sign up to make, digest, and discuss the news for many non-economic reasons, which means that the news continues to struggle along, despite all the economic impediments and the vulture capitalists and tech monopolists who fight one another for which one will get to take the biggest bite out of the press. We've got outstanding nonprofit news outlets like Propublica, journalist-owned outlets like 404 Media, and crowdfunded reporters like Molly White (and winner-take-all outlets like the New York Times).
But as Hamilton Nolan points out, "that pot of money…is only large enough to produce a small fraction of the journalism that was being produced in past generations":
https://www.hamiltonnolan.com/p/what-will-replace-advertising-revenue
For Nolan, "public funding of journalism is the only way to fix this…If we accept that journalism is not just a business or a form of entertainment but a public good, then funding it with public money makes perfect sense":
https://www.hamiltonnolan.com/p/public-funding-of-journalism-is-the
Having grown up in Canada – under the CBC – and then lived for a quarter of my life in the UK – under the BBC – I am very enthusiastic about Nolan's solution. There are obvious problems with publicly funded journalism, like the politicization of news coverage:
https://www.theguardian.com/media/2023/jan/24/panel-approving-richard-sharp-as-bbc-chair-included-tory-party-donor
And the transformation of the funding into a cheap political football:
https://www.cbc.ca/news/politics/poilievre-defund-cbc-change-law-1.6810434
But the worst version of those problems is still better than the best version of the private-equity-funded model of news production.
But Nolan notes the emergence of a new form of hedge fund news, one that is awfully promising, and also terribly fraught: Hunterbrook Media, an investigative news outlet owned by short-sellers who pay journalists to research and publish damning reports on companies they hold a short position on:
https://hntrbrk.com/
For those of you who are blissfully distant from the machinations of the financial markets, "short selling" is a wager that a company's stock price will go down. A gambler who takes a short position on a company's stock can make a lot of money if the company stumbles or fails altogether (but if the company does well, the short can suffer literally unlimited losses).
Shorts have historically paid analysts to dig into companies and uncover the sins hidden on their balance-sheets, but as Matt Levine points out, journalists work for a fraction of the price of analysts and are at least as good at uncovering dirt as MBAs are:
https://www.bloomberg.com/opinion/articles/2024-04-02/a-hedge-fund-that-s-also-a-newspaper
What's more, shorts who discover dirt on a company still need to convince journalists to publicize their findings and trigger the sell-off that makes their short position pay off. Shorts who own a muckraking journalistic operation can skip this step: they are the journalists.
There's a way in which this is sheer genius. Well-funded shorts who don't care about the news per se can still be motivated into funding freely available, high-quality investigative journalism about corporate malfeasance (notoriously, one of the least attractive forms of journalism for advertisers). They can pay journalists top dollar – even bid against each other for the most talented journalists – and supply them with all the tools they need to ply their trade. A short won't ever try the kind of bullshit the owners of Vice pulled, paying themselves millions while their journalists lose access to Lexisnexis or the PACER database:
https://pluralistic.net/2024/02/24/anti-posse/#when-you-absolutely-positively-dont-give-a-solitary-single-fuck
The shorts whose journalists are best equipped stand to make the most money. What's not to like?
Well, the issue here is whether the ruling class's sense of solidarity is stronger than its greed. The wealthy have historically oscillated between real solidarity (think of the ultrawealthy lobbying to support bipartisan votes for tax cuts and bailouts) and "war of all against all" (as when wealthy colonizers dragged their countries into WWI after the supply of countries to steal ran out).
After all, the reason companies engage in the scams that shorts reveal is that they are profitable. "Behind every great fortune is a great crime," and that's just great. You don't win the game when you get into heaven, you win it when you get into the Forbes Rich List.
Take monopolies: investors like the upside of backing an upstart company that gobbles up some staid industry's margins – Amazon vs publishing, say, or Uber vs taxis. But while there's a lot of upside in that move, there's also a lot of risk: most companies that set out to "disrupt" an industry sink, taking their investors' capital down with them.
Contrast that with monopolies: backing a company that merges with its rivals and buys every small company that might someday grow large is a sure thing. Shriven of "wasteful competition," a company can lower quality, raise prices, capture its regulators, screw its workers and suppliers and laugh all the way to Davos. A big enough company can ignore the complaints of those workers, customers and regulators. They're not just too big to fail. They're not just too big to jail. They're too big to care:
https://pluralistic.net/2024/04/04/teach-me-how-to-shruggie/#kagi
Would-be monopolists are stuck in a high-stakes Prisoner's Dilemma. If they cooperate, they can screw over everyone else and get unimaginably rich. But if one party defects, they can raid the monopolist's margins, short its stock, and snitch to its regulators.
It's true that there's a clear incentive for hedge-fund managers to fund investigative journalism into other hedge-fund managers' portfolio companies. But it would be even more profitable for both of those hedgies to join forces and collude to screw the rest of us over. So long as they mistrust each other, we might see some benefit from that adversarial relationship. But the point of the 0.1% is that there aren't very many of them. The Aspen Institute can rent a hall that will hold an appreciable fraction of that crowd. They buy their private jets and bespoke suits and powdered rhino horn from the same exclusive sellers. Their kids go to the same elite schools. They know each other, and they have every opportunity to get drunk together at a charity ball or a society wedding and cook up a plan to join forces.
This is the problem at the core of "mechanism design" grounded in "rational self-interest." If you try to create a system where people do the right thing because they're selfish assholes, you normalize being a selfish asshole. Eventually, the selfish assholes form a cozy little League of Selfish Assholes and turn on the rest of us.
Appeals to morality don't work on unethical people, but appeals to immorality crowds out ethics. Take the ancient split between "free software" (software that is designed to maximize the freedom of the people who use it) and "open source software" (identical to free software, but promoted as a better way to make robust code through transparency and peer review).
Over the years, open source – an appeal to your own selfish need for better code – triumphed over free software, and its appeal to the ethics of a world of "software freedom." But it turns out that while the difference between "open" and "free" was once mere semantics, it's fully possible to decouple the two. Today, we have lots of "open source": you can see the code that Google, Microsoft, Apple and Facebook uses, and even contribute your labor to it for free. But you can't actually decide how the software you write works, because it all takes a loop through Google, Microsoft, Apple or Facebook's servers, and only those trillion-dollar tech monopolists have the software freedom to determine how those servers work:
https://pluralistic.net/2020/05/04/which-side-are-you-on/#tivoization-and-beyond
That's ruling class solidarity. The Big Tech firms have hidden a myriad of sins beneath their bafflegab and balance-sheets. These (as yet) undiscovered scams constitute a "bezzle," which JK Galbraith defined as "the magic interval when a confidence trickster knows he has the money he has appropriated but the victim does not yet understand that he has lost it."
The purpose of Hunterbrook is to discover and destroy bezzles, hastening the moment of realization that the wealth we all feel in a world of seemingly orderly technology is really an illusion. Hunterbrook certainly has its pick of bezzles to choose from, because we are living in a Golden Age of the Bezzle.
Which is why I titled my new novel The Bezzle. It's a tale of high-tech finance scams, starring my two-fisted forensic accountant Marty Hench, and in this volume, Hench is called upon to unwind a predatory prison-tech scam that victimizes the most vulnerable people in America – our army of prisoners – and their families:
https://us.macmillan.com/books/9781250865878/thebezzle
The scheme I fictionalize in The Bezzle is very real. Prison-tech monopolists like Securus and Viapath bribe prison officials to abolish calls, in-person visits, mail and parcels, then they supply prisoners with "free" tablets where they pay hugely inflated rates to receive mail, speak to their families, and access ebooks, distance education and other electronic media:
https://pluralistic.net/2024/04/02/captive-customers/#guillotine-watch
But a group of activists have cornered these high-tech predators, run them to ground and driven them to the brink of extinction, and they've done it using "the master's tools" – with appeals to regulators and the finance sector itself.
Writing for The Appeal, Dana Floberg and Morgan Duckett describe the campaign they waged with Worth Rises to bankrupt the prison-tech sector:
https://theappeal.org/securus-bankruptcy-prison-telecom-industry/
Here's the headline figure: Securus is $1.8 billion in debt, and it has eight months to find a financier or it will go bust. What's more, all the creditors it might reasonably approach have rejected its overtures, and its bonds have been downrated to junk status. It's a dead duck.
Even better is how this happened. Securus's debt problems started with its acquisition, a leveraged buyout by Platinum Equity, who borrowed heavily against the firm and then looted it with bogus "management fees" that meant that the debt continued to grow, despite Securus's $700m in annual revenue from America's prisoners. Platinum was just the last in a long line of PE companies that loaded up Securus with debt and merged it with its competitors, who were also mortgaged to make profits for other private equity funds.
For years, Securus and Platinum were able to service their debt and roll it over when it came due. But after Worth Rises got NYC to pass a law making jail calls free, creditors started to back away from Securus. It's one thing for Securus to charge $18 for a local call from a prison when it's splitting the money with the city jail system. But when that $18 needs to be paid by the city, they're going to demand much lower prices. To make things worse for Securus, prison reformers got similar laws passed in San Francisco and in Connecticut.
Securus tried to outrun its problems by gobbling up one of its major rivals, Icsolutions, but Worth Rises and its coalition convinced regulators at the FCC to block the merger. Securus abandoned the deal:
https://worthrises.org/blogpost/securusmerger
Then, Worth Rises targeted Platinum Equity, going after the pension funds and other investors whose capital Platinum used to keep Securus going. The massive negative press campaign led to eight-figure disinvestments:
https://www.latimes.com/business/story/2019-09-05/la-fi-tom-gores-securus-prison-phone-mass-incarceration
Now, Securus's debt became "distressed," trading at $0.47 on the dollar. A brief, covid-fueled reprieve gave Securus a temporary lifeline, as prisoners' families were barred from in-person visits and had to pay Securus's rates to talk to their incarcerated loved ones. But after lockdown, Securus's troubles picked up right where they left off.
They targeted Platinum's founder, Tom Gores, who papered over his bloody fortune by styling himself as a philanthropist and sports-team owner. After a campaign by Worth Rises and Color of Change, Gores was kicked off the Los Angeles County Museum of Art board. When Gores tried to flip Securus to a SPAC – the same scam Trump pulled with Truth Social – the negative publicity about Securus's unsound morals and financials killed the deal:
https://twitter.com/WorthRises/status/1578034977828384769
Meanwhile, more states and cities are making prisoners' communications free, further worsening Securus's finances:
https://pluralistic.net/2024/02/14/minnesota-nice/#shitty-technology-adoption-curve
Congress passed the Martha Wright-Reed Just and Reasonable Communications Act, giving the FCC the power to regulate the price of federal prisoners' communications. Securus's debt prices tumbled further:
https://www.govtrack.us/congress/bills/117/s1541
Securus's debts were coming due: it owes $1.3b in 2024, and hundreds of millions more in 2025. Platinum has promised a $400m cash infusion, but that didn't sway S&P Global, a bond-rating agency that re-rated Securus's bonds as "CCC" (compare with "AAA"). Moody's concurred. Now, Securus is stuck selling junk-bonds:
https://www.govtrack.us/congress/bills/117/s1541
The company's creditors have given Securus an eight-month runway to find a new lender before they force it into bankruptcy. The company's debt is trading at $0.08 on the dollar.
Securus's major competitor is Viapath (prison tech is a duopoly). Viapath is also debt-burdened and desperate, thanks to a parallel campaign by Worth Rises, and has tried all of Securus's tricks, and failed:
https://pestakeholder.org/news/american-securities-fails-to-sell-prison-telecom-company-viapath/
Viapath's debts are due next year, and if Securus tanks, no one in their right mind will give Viapath a dime. They're the walking dead.
Worth Rise's brilliant guerrilla warfare against prison-tech and its private equity backers are a master class in using the master's tools to dismantle the master's house. The finance sector isn't a friend of justice or working people, but sometimes it can be used tactically against financialization itself. To paraphrase MLK, "finance can't make a corporation love you, but it can stop a corporation from destroying you."
Yes, the ruling class finds solidarity at the most unexpected moments, and yes, it's easy for appeals to greed to institutionalize greediness. But whether it's funding unbezzling journalism through short selling, or freeing prisons by brandishing their cooked balance-sheets in the faces of bond-rating agencies, there's a lot of good we can do on the way to dismantling the system.
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If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
https://pluralistic.net/2024/04/08/money-talks/#bullshit-walks
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Image: KMJ (modified) https://commons.wikimedia.org/wiki/File:Boerse_01_KMJ.jpg
CC BY-SA 3.0 https://creativecommons.org/licenses/by-sa/3.0/deed.en
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wangxianficrecs · 3 days
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murder is easy, especially if you're murdering an asshole by ravenditefairylights
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🔒 murder is easy, especially if you're murdering an asshole
by ravenditefairylights (@tiesanjiaoshenanigans)
Not rated, 5k, Yunmeng Trio
Summary: “I’m… I’m okay,” Wei Wuxian manages, sounding a little shell shocked. His voice comes out hoarse, and he coughs a few times. “Is he dead?” “You stabbed him in the neck with a pocketknife,” Jiang Cheng says bluntly. He’s sheathed his sword again, Jiang Yanli notes, but he sounds just as shocked as Wei Wuxian is. “Of course he’s fucking dead. It’d be a miracle if he took a hit like that and survived.” or in the words of the prompt: the yunmeng jiang trio deserve to do a murder and get away with it, because it's excellent family bonding time Mojo's comments: hee hee hee, this made me laugh Kay's comments: The Yunmeng Trio deserve a little murder, as a treat. Despite Jiang Yanli being threatened by Jin Guangshan (rest in pieces), this story was very funny.
pov jiang yanli, canon divergence, yunmeng siblings, little murder as a treat, attempted sexual assault, asshole jin guangshan, sibling bonding, family feels, humor
~*~
(Please REBLOG as a signal boost for this hard-working author if you like – or think others might like – this story.)
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phoenixyfriend · 9 months
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Improv comedians: Marriage is a bit. Ready to commit? Criminals: Marriage is a crime. Join me in doing some time? Financiers: Marriage is a bond. Make ours out for the treasury?
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brainrotexe · 6 months
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Neuvithesley/Wriolette ao3 fanfic 🔞 | smut | 7k
💧 There is a rare phenomenon that causes the Dragon Sovereigns to experience exactly what a human is currently feeling.
⛓ What could go wrong? 💭
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rexsokaficquotes · 16 days
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Her throat was as dry as the Tatooine desert, and all she could managed to choke out was, “R-Rex?”
Three sets of identical brown eyes snapped to her, meeting her horrified gaze. Rex was the only one who spoke, his voice steady and resolute, despite his current life-threatening predicament.
“Commander. They sent reinforcements?” He inquired matter-o-factly as Kix immediately turned back to the injury, trying to stop the bleeding again. He swore softly under his breath as he did so.
Ahsoka ignored Rex’s question in favor of one of her own, dropping to her knees beside him. Taking his hand she asked, “Rex. What happened to you?”
— Snips2112, from Hold on to Me
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benoits-neckerchieves · 5 months
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Feel free to explain why in the comments or reblog with ur favourite scenes or whatever
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ebongawk · 3 months
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"“I am a Jedi,” she said, her voice soft.  Mournful.  Fingertips combing through every single insecurity he’d felt in his chest since the day their connection exploded into effervescent life.  “I…  I shouldn’t want this.”
“But you do,” he responded, pushing down the hitch of question at the end of his sentence.  Portraying a confidence she saw right through, the heart of his need a fragile, fickle thing.
“But I do,” she agreed."
the eternity of connection by makeshiftcandy chapter 1/1 | rated E | 9k
read on ao3
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turtlesandfrogs · 11 days
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Small things that make me very happy, a list of the absurd:
1. The fact that I can hear a roster crowing from inside my house, even though it's against zoning code. I love rooster crows. I love that I know of at least 3 flocks that have a roster within walking distance.
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girlbob-boypants · 16 days
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Lavos isn't good and I know this but some content creators have the most mindnumbing "oh my god this is so dogshit garbage completely unplayable" mentality about things that are just. Fine. Underperforming but Fine.
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Something that has always struck me about the Flash mythos is the prevalent theme of found family. And I don't mean that in the way you think I mean that.
It seems like the majority of found family based media is adults adopting kids (whether it's a legal adoption or a mental adoption). The kids are typically 13 and under.
To be clear, I'm not knocking that. I think adoption is great. There are so many kids who don't have anyone safe in their lives and stepping up to be that role for them? Whether it's a legal adoption or just being a parental figure, it's fantastic. It's one of the best things people can do.
And with the Flash family you can see this with Barry & Iris and Wally, Barry & Iris and Ace, Barry & Iris and Avery, Max and Bart, Joan & Jay and Bart, Iris and Bart, ect, ect. I love it. I love them and I love how they love. It's easy to fight for a kid, it's a lot damn harder to be there for one.
But it's so rare in media for found family to break that mold and be overt about being found family. Sure, sometimes you have media where it's like 'oh you can kinda read into these two characters being familial if you want to' but to just come right out and say it???
And that's why the Flash family holds a special place in my heart. Because, yeah, Jay Garrick is family to Max, Barry, Wally, Jesse, Bart and everyone else. It doesn't fit into a neat little category (he's everyone's grandfather and dad and brother and uncle, ect) but it doesn't have to. It doesn't matter. He's family and he's there.
And that... that is applicable to every single one of them. They met each other at different stages of their lives, they came from different backgrounds, they had different beliefs and personalities and yet... yet they became a family. They fought hard to be a family.
I just think that's something worth reading.
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reiverreturns · 7 months
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right my darlings, im getting to the point where i need a kick up the ass to make any headway on getting my writing discipline back. since i keep flitting between three ideas and not progressing any, please tell me what i should write to break my funk. the pressure will mould me.
i am in no way shape or form gauging interest because these will all eventually get written, i just need some goddamn accountability to kickstart the engine again after [redacted] months off.
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violent138 · 1 month
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go to bed . . .
I'd love to, but I genuinely have issues with insomnia and I ran out of meds a few years back and never bothered returning to the doctor, so every night is roulette on whether I'll get more than four hours and tonight is not that night :)
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fala-alfredo-pasta · 9 months
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Another uncommon shipping I think would work is Sonia and Nagito. She seems very pleased the way his eyes lit up during the trial like hers do during horror movies and she stuck up for him later on too. I’m a little afraid of him having that much power though…
Ahaha I actually had an au for them post-graduation in a non-despair time in which Nagito is traveling to Novoselic after having won a cruise trip there. And, though he would have avoided long travel, considering that his old classmate happened to be ruling said kingdom, Nagi thought he’d take the risk in order to get a chance to see her in action (plus he’s wanted to see the kingdom after learning so much about it through Sonia). Surprisingly nothing too catastrophic happens on the way and Nagito has a pleasant time taking in the sights. However, he starts noticing that not everything is rainbows and sunshine in Novoselic, and in fact many of its citizens seem rather displeased by the current government. This becomes all too clear when, during a public appearance/announcement made by none other than Sonia herself, Nagito overhears copious jeers towards the princess and even has to step in to stop someone from throwing a shoe at her—the scene causing Nagito’s presence in the kingdom to be known to Sonia. Sonia has a guard escort Nagito to her home, feeling utterly embarrassed of having him witness such a thing. It doesn’t take long for her to come clean of Novoselic’s troubles—more specifically the staggering amount of people who find her inadequate to rule and are opposed to her upcoming coronation. Sonia admits that she’s been lost in what to do ever since her parents sudden passing and feels she’s starting to agree with her citizen’s thoughts of being a failure of a ruler. She’s truly considering giving the crown to her cousin whom some of the citizens are supporting. Nagito’s heart went out to her, knowing fully well the feeling of losing one’s parents so unexpectedly, but to also be expected to lead a nation right after? My god the amount of stress must be astounding. To see the Ultimate Princess this…broken…it was blasphemous. And like hell he’s going to let her give up her crown and fall to despair—not if he can do anything about. So, Nagito offers his services. He reminds Sonia of what great things she’s done and is capable of doing, but what she really needs is support—someone on her corner. And though he may be a lowly nobody, he DOES understand a thing or two about politics (and manipulation). He’ll be her shoulder to cry on so she can turn to her citizens with a collected and confident face. He’ll be her test run when she’s unsure of an idea. He’ll be her eyes and ears to keep track of the masses and their tidying. He’ll be her anything and everything she needs in order to be the best beacon of Hope she can be. And my god does he really mean it.
Of course, this au wasn’t simply going to be a hurt/comfort with a happy ending. Oh no, no, not with Nagito. It would soon get twisted and quite complicated as many things do with him. And their ever intertwining relationship will set Sonia forth as a queen that Novoselic with surely remember.
Oh my god this ask really unlocked these old ass memories of this au that I legit just came up with after listening to Imagine Dragon’s “Enemy” once ☝️ I was like “but what if Nagito becomes Sonia’s advisor and makes her Novoselic’s most notorious ruler??” I didn’t think I still remembered this much of it but here we are lol
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myprongsfootera · 9 months
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Prongsfoot Fake(?) Marriage AU
A real marriage under wizarding law - On AO3 here
Description: Sirius wakes up after a night of drunken shenanigans to find that he got a quickie drunken marriage in Knockturn Alley with James the night before. When they wake up, he's ready to call it off - even though it's the one thing he'd want more than anything else in this world - but James wants to stay married. In fact, to save Sirius' from the arranged marriage he's being threatened with, he suggests that they turn it into a real marriage under wizarding law by performing a soul bond ceremony.
What could possibly go wrong?
Tags: Pining Sirius Black, mutual pining, fake marriage, fake/pretend relationship, soul bond, POV Sirius then James, Remus and Peter are little shits, drunken shenanigans, 6,500 words, Rated T
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brainrotexe · 5 months
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Wriolette/Neuvithesley ao3 fanfic 🔞 | smut | 10k
The Lust Penalty by brainrotexe
Chapter 2
💧 There is a rare phenomenon that causes the Dragon Sovereigns to experience exactly what a human is currently feeling.
⛓ What could go wrong? 💭
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rexsokaficquotes · 9 months
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Rex closes his eyes, as if in agony – and maybe he is, maybe his injuries are still like a rolling tide of pain. Echo knows how that feels.
“I tried to tell her… to cut our Bond.”
“That’s ridiculous,” Echo replies. “She never would. You wouldn’t either.”
“I don’t know how,” Rex argues.
“Could you have left her in danger? Don’t tell me you wouldn’t have rushed there just like she did if it was her in your place, and there was any hope of rescuing her.”
Rex purses his lips and stares him down, sullen.
Echo wins this round.
— WildKitte, from aim for the flagstones
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