Thursday, 5 July 2012

2008: a redux

Many of us rightfully react to the banking system's new criminality in the form of Barclays's rigging of LIBOR interest rates with profound disgust and infuriation. It is a rightful incredulity in this regard: that the banking system could continually engage in its corruption and abuse of consumers, including those within society suffering under the ideological austerity to pay for the £1 trillion bailout of their institutions during the financial crisis that they created. An extra £50 billion of free money is given to it by the state, while a charity reports a 200% influx of hungry children depending on it to avoid starvation.

In essence however, it is arguably no exception. Banks and other major corporations and financial institutions have been engaging in such practices for many years. It is a mere example of their systemic cyclical processes of criminality and financial abuse. A stand and anger against it inherently realizes the necessity for its fundamental deconstruction in favour of the economic system that society deserves. When it comes to preserving the wealth and economic control of the elite, political powers suddenly become very keen on generous Keynesian stimulus spending, which is essentially a continuation of the 2008 bailouts. The disaster of late capitalism is that it inherently must abandon its own ideological purity to maintain itself. It is certainly not free-market or laissez-faire: political agenda is economic crisis, with state forces as the apparatus of corporate socioeconomic control going to every length of preserve the vested interests of the system that is imploding in on itself multi-nationally.

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