Debt

FORTY-FIVE MILLION AMERICANS collectively owe upward of $1.4 trillion in student loan debt. Yet there is no need to worry. The magic of the free market has a solution for all of your problems. On July 10, 2018, “Paid Off” premiered on TruTV, a new game show that offers contestants a chance to escape a lifetime of debt peonage. “We’re capitalists. That’s just the way it is.” Less than 17 months after Nancy Pelosi’s Margaret Thatcher impersonation, Alexandria Ocasio-Cortez has shaken the foundation of the United States’ political class. [Read More]

LIKE MANY CRITICS OF GLOBALIZATION, David Graeber does not seem to understand what capitalism is. Otherwise he would not emphasize time and again that a market economy is something fundamentally different, as he does in his book, Debt: The First 5000 Years. Graeber’s distinction fits with a lot of left-wing currents, from old-fashioned anarchists in the tradition of Proudhon to young militants of Attac. All too many people assume that capitalism simply means financial speculation, intransparent bank dealings, monopolies, or interest as a way to garner income without work, all of which place a burden on the middle class. [Read More]

MUCH IS TO BE GAINED by viewing the contemporary crisis as a surface eruption generated out of deep tectonic shifts in the spatio-temporal disposition of capitalist development. The tectonic plates are now accelerating their motion and the likelihood of more frequent and more violent crises of the sort that have been occurring since 1980 or so will almost certainly increase. The manner, form, spatiality and time of these surface disruptions are almost impossible to predict, but that they will occur with greater frequency and depth is almost certain. [Read More]