Was The Reproletarianisation Of The 1990's The Start Of The Serfdom Of The New Dark Ages?
The news that Ben Bernanke is reported to be 'demanding' that Congress ratify The Great American Coup of Black September 2008 should come as no surprise.
Although John McCain has 'suspended campaigning', it's a surefire bet that, should he win the race for the White House, Sieg Hank Paulson will be re-appointed as Secretary of the Treasury. Should the Obamessiah win, it's a strong bet that his likely choice of Treasury Secretary would be return contender Robert Rubin, Wall Street Guy and High Priest of the Skills Canard.
What is painfully clear is that, should the bailout-cum-coup-cum management buyout of the USA's financial and political systems be successful, the fact that a particular individual will be elected President is going to make absolutely no difference to how the country is going to be run - does anyone seriously think that, when the chips are down, Obama would ever stamp on Wall Street?
I've seen some comment to the effect that it is possible that the egregious Article 8 of the draft Bill before Congress, the one that would grant Sieg Hank powers which would not be subject to review, might be considered unconstitutional - to which one can only reply, who's going to challenge it? Jesse Jackson? The ACLU? The Southern Poverty Law Centre? To its framers, this might be considered part of the beauty of the coup - to do something you know may be illegal while at the same time knowing absolutely nobody will come forth and challenge you.
And if somebody actually does, you know that they'll have to plead their case in front of the Roberts court. Good luck with that one.
Fears of the return of serfdom as a consequence of the financial metacrisis might be overheated - however, I can't remember whether it was John Gray or Richard Sennett who coined the term 'reproletarianisation' to describe how the IT-driven productivity boom of the 1990's had not resulted in an increase in the real wages of the lower and middle classes, but in the erosion of their place in society instead. If further proof is required that the process of the reduction of the people to serfdom has already been happening, take the 'skills canard' beloved by Bob Rubin and Niall Ferguson, the line of guff that states that, in a hypercompetitive 'global economy', the workers of the West have nothing to fear if they keep re-skilling themselves.
Never mind that, in a global labour arbitrage, no matter how many times you skill yourself you'll still always lose out to cheaper labour with the same skills elsewhere. What is telling about the people who peddle this rubbish is that they do not seem to believe that it is not conducive to a person's economic good to spend their entire working lives always starting over on the ground floor, in jobs which get cut from under them every few years. People can't plan for the future; what Steve Sailer calls 'affordable family formation' becomes difficult or impossible; pension contributions and future financial planning becomes severely curtailed - perhaps another reason why folks have been buying and selling houses as if they weren't building them anymore.
Maybe the metacrisis is the culmination of a policy, not a process, which has been in operation for many years - we shall see how it pans out.