6 August 2011 — The Wolf at the Door
Can’t trust that day, sang some group whose name escapes me– the advantage of growing older I guess. Anyway, now that Standard and Poor’s has pointed out that the standard for credit-worthiness is making almost everybody poorer, Monday should be a very interesting day.
Don’t worry. Confusion and inertia will offset the impulse to panic. Just in case, however, emergency scaffolding should be erected around all investment bank buildings, insurance company offices, hedge fund locations to protect the innocent tourists, and back office workers, from the falling bodies should traders, analysts, advisers, entrepreneurs, arbitragers, specialists, market-makers, mutual fund managers mistake the windows for the stairs or the elevators.
Too big to fail? Guess not, motherfuckers. Now what? Now what are you going to do as the global purchasing managers’ index hovers between “no growth and correction,” and the Fed can’t keep international trade afloat through open-ended currency swap lines with Brazil, Japan, Switzerland, Britain, the EU, like it did last time around?
Now what, when turning the national treasury into the “bad bank” in order to protect the private banking system has done its job, that is to say bankrupting the national treasury, which of course, is just another iteration of “privatization,” of the invisible hand at work?
Now what, when the non-performing residential and commercial real estate loans haven’t been, and can’t be, flushed from the system as that would mean that the private banking system would have to acknowledge its effective bankruptcy?
Well we know what. The attacks on labor, and on immigrant labor in particular will intensify. The vindictive restrictions on female reproductive health care will continue. Tomorrow will be just like yesterday, only worse. Your tomorrow, which is part of the capital’s yesterday, will be worse.
But the government? The US government, with its bicameral legislature of spoiled frat boys, and ignorant cheerleaders; with its executive who no matter how smart he thinks he is, is historically, has to be, historically, an idiot… That’s on the way down, too, along with its credit-worthiness.
Yeah, yeah, some king offered his kingdom for a horse. But here we have the bourgeoisie trying to find a cowboy, a man on horseback, the man to turn back, to suppress, class struggle, class revolution before it even starts.
August 6, 2011