IMF leader Lagarde to Greek PM Papademos: "Do something for the poor? that's hilarious!"

The widely-circulated photographs of the Troika laughing it up as they imposed their settlement on Greece reflect their triumph at imposing a neo-liberal colonization of Europe. As Frantz Fanon noted in 1963:

What is fascism but colonialism at the heart of traditionally colonialist countries?

The debt servitude being imposed on mass populations in the interest of transnational capital represents a neo-colonialism, in which the colonial powers like Portugal, Spain and Italy will be recolonized after the long-term Ottoman colony Greece.

It’s worth rehearsing the breath-taking Treaty-of-Versailles-style conditions imposed on Greece. According to the Guardian:

the European commission will present proposals for “an enhanced and permanent presence” of debt inspectors in Athens later…Greeks have already suffered a 30% cut in wages and can look forward to steep cuts in the minimum wage as well as pensions…Eurozone finance ministers have demanded that the Greek Constitution be revised to give debt payments top priority in government spending.

The money for the bond markets will be placed in a charmingly named “segregation account,” as if to remind everyone of the fascist neo-colonialism that has been created.

There was an alternative: an 2001 Argentina-style default, with a relaunched currency. From this crisis emerged the practice of horizontalidad that has been so influential across the Occupy movement. In Occupy!#3, Marina Sitrin quotes Neka from the unemployed workers movement near Buenos Aires:

it was a sort of waking up to a knowledge that was collective…It was like each day is a horizon that opens before us

This “horizonism” is the direct opposite of debt servitude.

Towers of Debt at NYU

Today I was reminded that such servitude is local as well as global, a microfascism to match the global neo-colonial project. At my institution, NYU, there is currently a plan to build 6 million square feet of new office and residential space in a series of skyscrapers. As well as destroying the character of Greenwich Village, and making Washington Square a building site for 20 years, this plan will cost $6 billion.

When asked where this money would come from an official replied: “NYU is not afraid of debt.” Given the enormity of the sum–twice the entire endowment of the university–and the crisis of debt worldwide, you wonder why. I asked a friend who works at Credit Suisse–in the compliance department that makes banks abide by regulation–and she replied “Money is cheap.” Which is to say, the interest rates on the bonds will be so low that the investment makes perfect sense to a Board of Trustees filled with people from JP Morgan Chase, Citigroup, Paulson, Met Life and so on.

Who will repay the money? According to NYU4OWS and the Occupy Student Debt Campaign, the only possible answer is students–via their tuition fees, financed in turn by student debt. Student debt is about to surpass one trillion dollars and is the largest single sector of consumer debt, even exceeding credit cards. NYU is already top of the league for student debt per capita. What is especially heinous about this exchange is that money borrowed at less than one per cent interest is likely to be repaid by loans carrying interest in the range of eight to ten per cent. Student debt cannot be liquidated, meaning that even people who are bankrupt, or on social security have to repay it. As a powerful essay in the Village Voice last year showed, many NYU grads have to abandon ideas of careers serving the public good for corporate positions in order to make their payments.

What can be done about this servitude? Horizontalism insists that there is no point in applying for redress to leaders–as you can see above, the very idea makes them laugh. Yesterday at an event in New York City, David Graeber argued that one of the most critical developments of 2011 was a transformation of the imagination. In other words, it began to become possible to visualize a world in which the economic was not the dominant value.

In terms of debt, this would mean refusing the demand that debt repayment is the highest form of morality. When debts are imposed or exacerbated beyond any realistic possibility of repayment, the ethical approach is to move beyond the horizons of money. You can pledge to refuse to repay your loan if one million other people do so here: and decide whether you’re actually going to do that when it gets into the high 900,000s–for now it’s about pressuring for change. For faculty supporting debtors, pledge here and for family and others supporting debtors pledge here: this is important to show that the community supports debt refusal, but demands little more than a few clicks for now.

In terms of the horizontal imagination, imagine what was once the case: a public education from pre-K to PhD that is entirely free. This long-time position of abolition democracy needs to be insisted upon not in terms of accounting–that people need degrees to get jobs and so on–but in terms of democracy: a direct democracy needs citizens who are critical, knowledgeable, resourceful and autonomous.

That won’t happen overnight but here’s what we can do now: stop using economic metaphors for the critical projects that we engage in. Stop asking “how’s your work going?”, or using metaphors and scales of productivity, or otherwise commodifying the common intellect. In work using digital technologies in particular, leave aside notions of “rich” data, “robust” platforms and all the other quasi-market metaphors.

Stop thinking like a market. A market likes an investment (a beginning), a time of production (the middle) and, above all, profit, aka the end. This is why Occupy insists on the primacy of the everyday because it needs doing every day, like child care, sustenance, farming and other forms of sustaining.

Try it. It’s fun.