Profanity and the Financial Markets

A User’s Guide to Closing the Casino

Tahrir by night

This text concludes the Three Crises series with an exploration of the collapsing Western middle classes, our entanglement in finance capital, our relations to the uprisings in North Africa and the Middle East, our inexorable proletarianization and revolutionary potentials. Happy New Year, gentle reader. De te fabula narratur.

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I want to begin, not with a curse but with a very beautiful convergence, one that is widely held to be real, but shrouded in mystery for millions of people. I’m talking about the “movement of the squares” unfolding on both sides of the North/South divide. And here’s the question: What is the hidden link between the middle-class and precarious movements against the dictates of finance capital – Occupy Wall Street and the European Indignados – and the far more perilous struggles to end dictatorships in North Africa and the Middle East? What relationship could possibly be sustained between the regions that concentrate global wealth and those from which labor, resources and interest payments are relentlessly extracted?

Immanuel Wallerstein claims that the uprisings in the Middle East and North Africa pit two historical groups against each other. One he calls the “1968 current,” which consists of non-violent, directly democratic grassroots movements that challenge all forms of exclusion and abuses of power, in the name of an equality that includes respect for fundamental differences. The other group consists of people who oppose such movements and seek in whatever way to capture, contain and neutralize them – and in North Africa and the Middle East, that chiefly means holders of oil wealth and US-backed dictators. For Wallerstein, today’s uprisings are a continuation, after decades of latency, of “the world-revolution of 1968,” which lasted by his account from 1966 to 1970.1

If this is true, then the people out in the streets today at least share a history. Because the world-revolution of 1968 also took place in Europe and in the United States, where it revolved crucially around solidarity and direct cooperation between Northern middle-class students and intellectuals and oppressed people in the South – which in the US meant not only Vietnam and Latin America, but also the South of our own country. Whites went to Alabama, Georgia and Mississippi to work with the civil rights movement. Oppressed minority groups, especially the Black Panthers, read Frantz Fanon and other anti-colonial thinkers, and came to designate themselves as Third World peoples. The New Left sought to express its support for the Vietnamese revolutionaries by “bringing the war back home.” A vast, unruly and often failed experiment in cross-class, cross-border collaboration defined the “1968 current.” But is this historical memory enough to explain the convergence of direct-democratic practices in the movement of the squares?

I don’t think it is. To uncover the more complex grounds on which we meet, it’s necessary to look back to the reactionary surge that followed 1968, ultimately giving rise to neoliberalism. It began in the US with the election of Richard Nixon. He ran on a law-and-order platform, and his administration crushed domestic dissidents with covert operations, legislated “spatial deconcentration” programs for inner-city gentrification, invented SWAT teams for attacks on the ghettos, launched the prison-industrial complex and offered support to the military regime of Pinochet in Chile, opening the door to the coordinated repression of the Latin American left by Operation Condor in the later 1970s. Nixon also presided over the settlement of the 1973 Arab-Israeli war and the OPEC embargo. That led on the one hand to the US stabilization of Egypt (with military aid formalized in 1979 as part of the Camp David accords), and on the other, to the new petroleum prices and the introduction of a capital circuit linking Western banks, engineering firms and armament makers to the most oppressive oil-exporting regimes. The whole process cemented the position of authoritarian leaders in the Arab world and provided the cash for a major round of predatory lending to developing countries across the planet. The dictators that have recently fallen in North Africa and the Middle East date from this period. Thus both domestically and internationally, the 1970s saw the installation of a police and military order that sought, and still seeks, to capture and contain the “1968 current.”