Patrice Riemens on Tue, 18 Oct 2011 07:15:27 +0200 (CEST) |
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Re: <nettime> Franco Berardi & Geert Lovink: A call to the Army of Love and to the Army of Software |
Pace WIRED's famous "Generation Equity" cover somewhere in the late 90s there is one thing that has remained unchanged during the fast evolution of financial capitalism from an unruly but manageable bourse to a full fledged casino going bananas: small holders stay out or get douzed. So so much for "ordinary people's desire for accruing wealth by taking chances on the stock market". The desire is there allright every now and then (remember the great privatizations in UK, France and NL with its call for smallholder capitalism), the result has always been the same: disappointing returns for the lucky, shake-out for the stupid (oh yes, we also had the 'day-trading for dummies' interlude). The 1% are not staying the 1% (1 in 10.000 - and counting up - is probably more accurate btw) for nothing. > It seems to me that there is a double of FINAZISM that goes > unaccounted for in this otherwise provocative text. And this is the > risk society or ordinary people's desire for accruing wealth by > taking chances on the stock market. While it is undeniable that there > is an undemocratic, dictatorial element in financial capital (as > 401Ks, mutual funds, and public finances are injected into the stock > market without taxpayers and workers' consensus) there exists also a > diffused, molecular desire for financial rent that fuels the system. <...> # distributed via <nettime>: no commercial use without permission # <nettime> is a moderated mailing list for net criticism, # collaborative text filtering and cultural politics of the nets # more info: http://mx.kein.org/mailman/listinfo/nettime-l # archive: http://www.nettime.org contact: nettime@kein.org