Almost Marx reads “Financial Infrastructure: Of plumbing and promises,etc”

In the ultra-respectable Economist of February 25, 2012 appears this essay entitled “Financial Infrastructure: Of plumbing and promises, the back office moves center stage.” Quite a mouthful! But have no fear, as I said, this is the staid house organ of an educated bourgeois readership, that places great store in their immediately perceived legitimacy, even though they are Capitalists to the core: without apology. The assumed virtues of Capital is the very moral/intellectual stuff of the readers of this periodical as of it’s writers and editors.This essay weaves a tale of the complexity of capital, it’s markets and the actors at various levels in the structure that make it function, or not function. Now as a witness to the collapse of the Market in 2008, and the subsequent unfolding as a story about Robber Capital, and it’s allies in government: Clinton, Rubin, Summers and their conservative allies, Phil and Wendy Gramm, who managed to pass Financial Reform, that rendered Glass-Steagall null and void, are here not mentioned, as vital background, to this cosmetically confected apologetics, rendered in the most sedate terms, using the self-serving rhetoric of rational political discourse, carefully removed from the context of the New Democrat’s political propinquity with Conservatism,in it’s post Reagan iteration. This is a striking example of glib, informed public relations, or more accurately, of rather transpaprent propaganda that meets specific editorial needs, but fails at the most basic level, to report the root cause of the World Market collapse of 2008.The arguement here is that the uninformed and unsophisticated underlings, the least cognizant of financial operators, in this civic melodrama, were, if fact, culpable because of the precipitating cause of that ignorance. The credulity of the reader is the operative assumption, that the writers of this essay are wagering on, as if we are ignorant of the size,shape and depth of the mendacity of American Capital, and their allies in the Democratic and Republican Parties. 

Almost Marx

 

About stephenkmacksd

Rootless cosmopolitan,down at heels intellectual;would be writer. 'Polemic is a discourse of conflict, whose effect depends on a delicate balance between the requirements of truth and the enticements of anger, the duty to argue and the zest to inflame. Its rhetoric allows, even enforces, a certain figurative licence. Like epitaphs in Johnson’s adage, it is not under oath.' https://www.lrb.co.uk/v15/n20/perry-anderson/diary
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