Quote of the Day: Fictitious Capital

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Cédric Durand wrote:

The return of the political is thus paradoxical. The hegemony of finance — the most fetishized form of wealth — is only maintained through the public authorities’ unconditional support. Left to itself, fictitious capital would collapse; and yet that would also pull down the whole of economies in its wake. In truth, finance is a master blackmailer. Financial hegemony dresses up in the liberal trappings of the market, yet captures the old sovereignty of the state all the better to squeeze the social body to feed its own profits [emphasis added].

Durand wrote his book in response to the Crash of 2008-9. We are unfortunate that the crisis before us might prove to be far worse, especially since the next collapse will reflect the workings of the plague on the economy. In both instances, the crisis reflected and will reflect the political character of the neoliberal project. That character included the use of state power to impose laissez faire market norms on the labor market, of decoupling welfare and well-being from the state. Despite their rhetoric, neoliberals never offered the anti-statist, anti-political program its promoters claimed for it. The neoliberal state was active. It defended the prerogatives of capital and those capitalists who captured part of the state. Neoliberals was, in fact, a form of authoritarian liberalism. The extremism it practiced (Goldwater) produced a viciously narrow form of individualism. The rich and powerful take whatever they can, the weak and poor suffer whatever comes their way.

The plague infection rate accelerates

The New York Times reports:

 The United States recorded more than 1.9 million new infections in July, nearly 42 percent of the more than 4.5 million cases reported nationwide since the pandemic began and more than double the number documented in any other month, according to data compiled by The New York Times. The previous monthly high came in April, when more than 880,000 new cases were recorded.

Dr. Birx believes the plague has entered a new phase of development:

As the plague goes, so goes GDP.