But rating agencies and all the other players in the financial industry are themselves corporations, so they are part of the system that is described under the rubric of "corporate power." And I don't think that states are irrelevant or powerless at all. That argument was a mainstay of the global justice movement of the late nineties, but 9/11 and the events that followed blew that argument to bits, along with the global justice movement itself, which was not prepared to deal with either the massive wave of reactionary patriotism or the aggression of a suped-up, militarized US state. At a time when the US is occupying Iraq and Afghanistan, holding "terrorists" with no legal rights in Guantanamo Bay, bombing targets in Pakistan, trying to install a puppet regime in Libya, and green-lighting repression in Bahrain and Saudi Arabia, state power seems far from irrelevant.
On Sun, Oct 16, 2011 at 10:20 PM, Snafu <email@example.com>
You are right Doug, and I thank you for this observation. It was not my intention inserting any reference to the obsolescence of past struggle in the declaration. I was just noting that most statements produced and approved by the GA so far are focusing on either corporate power or (now) the two-party system, whereas none of the two are to me the hegemonic forces in contemporary capitalism.
Financial capitalism is a tough beast to fight because it is at the same time abstract and diffused at a molecular level. Yet if Standard&Poor's downgrading of the US debt has such massive effects, it means that we have entered a new phase, one in which the power of rating agencies stands above that of national governments. Hence my hesitation on supporting statements that keep focusing on the traditional enemies and seem to be oblivious to the new forms of sovereignty that are emerging. The more you claim that the state is useless and powerless the more you will have to confront financial power directly. But who will regulate the stock market as the system keeps melting, the GA?
On 10/16/11 7:08 PM, Doug Singsen wrote:
It's not true that market volatility is mainly the result of the automation of financial transactions. Markets were highly volatile long before automation. The biggest financial collapse in history took place before the invention of the microchip. Rather, market volatility is an inherent part of capitalism. We also need to beware of declarations that all previous resistance is obsolete and that we need to invent new tools from scratch. The lessons of past struggles are still very much relevant today, and ignoring them is a quick recipe for repeating their errors today.