Stand With Occupy

If you’re reading this, you have some sympathy for the Occupy movement. You might not agree with everything it’s done and that would make you just like everyone else in the movement. You might feel that you personally have done what you can. There’s an amazing opportunity coming up this coming weekend to remind the world why there was an Occupy movement in the first place. Please consider joining us in person if you can or signing a letter of solidarity if you are not able to be in New York or at one of the many other events.

As you know, on September 15-17th in New York City, OWS is organizing three days of education, celebration and resistance to economic injustice with a full slate of permitted convergences, family friendly assemblies, a big concert, and mass civil disobedience on that Monday in the heart of the financial district. The evolving schedule as well as detailed information can be found at s17nyc.org. Outside New York, there are events all over the country and indeed the world. There’s always space for more: a speak-out in a park or outside on a college campus, an Occupy Rosh Hashanah event, whatever.

Time is short and it’s a busy time of year. So if these options are not open, please consider signing the letter of solidarity with Occupy from artists and intellectuals. Here’s an excerpt from the letter that’s already been signed by a crowd of people ranging from the “big names” of Butler, Rancière, Zizek and West to those artists, academics, writers and members of the New Academic Majority who do day-to-day work in Occupy and for S17: Andrew Ross, Pamela Brown, Astra Taylor, Yates McKee, and many others.

Here’s the letter:

It’s time for those who are privileged enough to think and write and create and teach for a living—particularly those of us with full-time faculty positions or secure careers—to step up and be counted. We have earned academic and cultural capital from espousing radical positions. Now is the time to lend our support in visible ways to the commitment shown by the Occupy movement and to help it grow and evolve.

The letter gives you a list of things you can do over the weekend and beyond, if you want to get involved whether it’s for the first time or once again. You can donate some money if you’re so minded, any contribution would be fabulously useful.

But what would be really great would be if everyone would post the link:

http://standwithoccupy.org/

on all your social media, email it to people that don’t use social media and generally make this thing go viral.
Thanks.

Life After Debt

So I have my ups and my downs with my Occupy life. Today was one of those days where I love this movement. In a day of rolling events in East River State Park in Brooklyn, a tight plan for S17 emerged, Strike Debt consensed on its actions for the weekend and then we held the Life After Debt action.

East River State Park is a patch of grass with a few benches that runs down to the East River, offering a spectacular view of Manhattan. I got there via brunchtime Willamsburg, a picture-perfect cliché of hipster Brooklyn, all oversize glasses, plaid shorts and undersized tops: and that was just the men. There was a resolutely apolitical vibe. In the park, sunbathing, picnics and in the corner, a group of intensely discussing people.

After three hours, the direct action people had set aside some personal disagreements and finally devised a workable and compelling plan for S17. Details will be forthcoming but what struck me across today was the effectiveness of focused collective intelligence. It’s like rehearsing a play. There can be all kinds of mess, sometimes you need for the whole thing to get to the verge of falling apart and then all of a sudden it palpably clicks into shape.

That happened with Strike Debt today. It’s a disparate group with plenty of personality and some divergence as to tactics and goals. When you get the Occupy process right, though–an agreed agenda, timekeeping, tight facilitation, temperature checks and bottom lining–it’s surprising how the group can rise above that in a way that I have (almost) never seen in academia, for instance. I could give you the decisions but that’s not the point. On a micro scale you learn how a horizontal democratic process grounded in trust and política afectiva actually works.

And then we enacted it. The first Strike Debt action called people together to refuse their debt by describing their debt situation and then symbolically burning their debt. We gathered in a circle facing the river with some new Strike Debt banners. It happened to be a gorgeous day, clear and sunny–there’s going to be some great pictures of the event but I was too busy to take any, sorry.

As people stepped up to speak it seemed to grow quiet even in this very public place. We heard people talk about suddenly diagnosed medical conditions that are not covered by insurance, but might be life-threatening, plunging a life into chaos–and debt. How a piece of bad advice from a union about unemployment benefit led to a contingent faculty member being sued. And many times about the craziness of student debt. To speak in this assembly was at first upsetting but then affirming. Debt is no abstraction. It destroys lives. We’re trying to take them back.

We walked down to the river in procession, took the ashes of the debt papers people had burned and cast them into the water. It wasn’t sad, it was calming and beautiful.

Speaking only for myself, I don’t expect any transformation in the macro-situation in regards to debt any time soon. Finding these alternative ways to live as if there was a life after debt makes that otherwise devastating prospect bearable. And someone had made a cake.

 

Get Up! Get Down! Events for OWS Anniversary

As people come back to school and start thinking about what’s next, it seems like a good opportunity to remind everyone about the activities over the weekend of September 15-17 and beyond for the one year anniversary of Occupy Wall Street. There was a three-month run up to May Day but the summer holiday and the Presidential election campaign has made it harder to keep people focused. Here’s a moment when the world’s attention will be back on OWS and it’s a great chance to show that, whatever you think Occupy is or should be, the energy of the movement is still here and still needs to be heard.

The full program is constantly being updated and is available at the S17 website.

These are my personal highlights:

 Saturday 15 September: Education

12.30-4pm Assembly

The weekend begins with a thematic assembly in Washington Square Park. You can hear about what the different working groups of the movement are engaged in and participate in open-ended facilitated discussions about the key themes of the weekend, such as debt, the environmental crisis, political corruption, as well as long-term themes of the movement. The assembly ends with a re-convergence to discuss the future.

7.30pm Launch of The Debt Resistors Operations Manual, Judson Church

A collective publication by Strike Debt, The Debt Resistors Operations Manual offers debtors practical advice and information on debt of all kinds and how to resist it. Published for the weekend, this launch event includes teach-ins, video screenings and the chance to share stories.

Sunday 16 SeptemberCelebration

7.30 pm Occupy Rosh Hashanah, Zucotti Park/Liberty Plaza. The Jewish New Year begins at sunset on the night preceding the anniversary. Following from the amazing Occupy Yom Kippur last year, Occupy Judaism and others are creating an nondeminational holiday service and potluck dinner. There will be echoes of the alliances during the Civil Rights Movement between Jewish progressives and African Americans, it’s a great prelude to S17 itself.

Monday 17 September: Liberation

Early morning from 7am: The People’s Wall will block access to Wall Street by closing down key intersections. ACT UP, 350.org and Housing Works are among those joining OWS in this action. It’s a non-violent civil disobedience so be prepared by doing a training on Saturday or Sunday.

Also early: The 99 Revolutions, mobile actions by affinity groups across downtown (as in the poster above).

Strike Debt will also have actions during the course of the day. More details closer to the time.

These actions are being finalized over the next week but everything will depend on how the day goes. There is already a large pile of NYPD barricade blocks at Zucotti Park, so it may be that it’s the police that shut down Wall Street for us.

6pm: The Emma Goldman Assembly, 55 Water Street. Perhaps the most enticing event is the gathering of the “movement of movements” that Occupy has become to plan ahead. The Assembly is not a decision making body but a place to share, discuss and learn. There are plans to make this a regular event going forward.

September 18-22: Free University

The fabulous Free University has a week-long series of events in the works following S17, to build on the action and take the energy into Year Two. Most meetings in Madison Square Park, as on May Day.

There’s so much more going on and I’ll be returning to this often in the run-up to the day. For the time being, the thing to do is get the word out. See you in the streets.

Five Theses on Debt

From Tidal for S17 by Strike Debt:

STRIKE DEBT/DEBT STRIKE/DEBT
WHEN WE STRIKE DEBT. WHY WE DEBT STRIKE. HOW TO MAKE DEBT:

We must remake our failed economic system that impoverishes millions while destroying the ecosystem. Using a diversity of tactics that includes a Rolling Jubilee, a People’s Bailout, and vigorous organizing towards a debt strike, Strike Debt seeks to abolish debt and reconstruct a just society where our debts and bonds are to one another and not the 1%.

When you strike debt, know that:

1. You are not a loan.


Debt is not personal, it is political. The debt system molds us as isolated, scared and subjugated, unwilling to consider going public for fear of the all-powerful credit ratings. There is a reason so many people speak of debt as slavery. Slavery was social death. So is debt. It makes us ashamed. We have to sell our time, our souls, working jobs we don’t care about simply so we can pay interest to the bank. Now that debt is so rampant, many of us are ashamed for putting others in debt. Our professions from teacher to lawyer and physician have become means to direct more victims to the loan sharks. So perhaps above all, we strike the fear, refuse the shame, end the isolation. When we strike debt, we are giving ourselves permission to be more than a set of numbers. In a sense, we create the possibility of an imagination. We are not abdicating our responsibility, we are exercising our innate right to refuse the unjust.

2. We live in a debt society, buttressed and secured by the debt-prison system.


$1 trillion of student debt. 64% of all bankruptcies caused by medical debt. 5 million homes foreclosed already, another 5 million in default or foreclosure. Credit card debt is $800 billion, generating an average 16.24% interest on money banks borrow at 3.25%. Permanent indebtedness is the pre-eminent characteristic of modern American life. Keeping all this in check is the peculiarly U.S.- specific apparatus, in which mass incarceration, racialized segregation and debt servitude are mutually reinforcing. The choice is stark: debt or jail. With 2 million in prison, seven million involved in the “correctional” system in various ways and sub-prime loans and other predatory credit schemes targeted at people of color, this is a system designed to disenfranchise and exclude.

3. There’s A Debt Strike Going On


There is something happening in our debt society right now. 27% of student loans are in default. 10% of credit card debt has been written off as irrecoverable. Foreclosures and mortgage default are rampant. People are walking away from debt. These actions take place driven by necessity, by desperation but also by something else. What do we call this? We could call it refusal. We could also call it a debt strike. In this time of high unemployment, battered trade unions, and job insecurity, we may not be able to signal our discontent by not going to work, but we can refuse to pay. Alongside the labor movement, a debtors movement. For those who can’t strike, we propose a Rolling Jubilee in which we buy debt in default, widely resold online for pennies on the dollar: and then abolish it. It will be funded by the People’s Bailout, and other forms of mutual aid that will prefigure alternatives to the debt society.

4.
When we strike debt, we live a life rather than repay a loan.

We refuse to mortgage our lives. We reject the math that debt forces on us; math that says we cannot “afford” to care for our communities because we must “pay back” the banks forever, above and beyond what was borrowed. We question the dominance of the market in every aspect of social and cultural life. We abolish the trajectory of a life that begins with the assumption of debt before birth, and ends with a post-mortem settlement of accounts. This is financial terrorism. We intend to reconstruct a social world in which we see each other as people, recognize our differences, and acknowledge that the chimera of permanent economic growth cannot outstrip actual ecological resources.

5. We claim the necessity of debt abolition and reconstruction.


Abolishing debt is held to be an impossible demand. “Debt must be repaid!” Unless you are a corporation, bank, financial services company, or sovereign nation. We understand that debt is at the heart of financial capitalism and that the system is rigged to benefit those at the top. The question is not whether debt will be abolished but what debt will be abolished. The banks, the nation-states and the multinationals have seen their debts “restructured,” meaning paid off by the people, who now have to keep paying more. The debts of the people in whose name these actions were undertaken should also be abolished. Then we can begin reconstruction, transforming the circumstances that create the destructive spiral of permanent personal debt. Right now we must borrow to secure basic goods that should be provided for all: housing, education, health care, and security in old age. Meanwhile, around the world, debt is used to justify the cutting of these very services. We understand that government debt is nothing like personal debt. The problem is not that our cities and countries are broke but that public wealth is being hoarded. We need a new social contract that puts of public wealth to equitable use and enshrines the right to live based around mutual aid, not structured around lifelong personal debt.

 

 

OWS and the Press

Two new journalistic takes on OWS and the September 17 anniversary day of action are causing some waves in the movement. It’s interesting to look at them and see how two journalists can talk to much the same set of people and generate very different interpretations. It raises the question of what a social movement wants from the media, as well as the more discussed question of what it gets.

The pieces in question are in very different publications. In the Village Voice, house journal of the NYC counterculture, Nick Pinto has a long take on “Occupy Wall Street, Year Two.” Many people are greeting this as the best piece on OWS for a long time, which I take to mean closest to how OWS views itself. On the other hand, there’s Max Abelson’s piece for Bloomberg News, entitled “Occupy Sets Wall Street Tie-up as Protestors Face Burn Out.” While Abelson seems not unsympathetic to the movement, look at who he’s writing for: so it’s no surprise that the piece feels more critical. Internally, people have been disappointed because he did spend a long time talking with leading figures.

Let’s walk through the pieces quickly. Pinto begins with the standard observation that the very diversity of OWS opinion makes it hard to create and sustain consensus. However, he then suggests:

The factionalism that for so long seemed to threaten to tear the movement apart seems increasingly manageable. After a year of precisely these sorts of arguments, anarchists, liberals, and union stalwarts all know the contours of their disagreements, but they’re also better than they’ve ever been at pushing through them.

They’re also increasingly confident that whatever this thing is that binds them together, that keeps them coming back to the next meeting, the next hard-won consensus, whatever they call that shared project, it has a future beyond this first anniversary.

That’s what I meant when I said that the piece reflects the internal discourse of OWS. Pinto continues to describe the combination of police violence and the “dominant media narrative” that there’s “nothing to see here.”

Acknowledging that, for many occupiers, it’s how things get done as much as what the immediate results are that matters, Pinto talks about the projects like Strike Debt, Occupy Homes, and Foreclose the Banks that get activists excited and have emerged or grown significantly since May 1. Perhaps it’s in part because Pinto quotes a lot of people that I happen to know or have met but this piece does convey my own sense of OWS right now. The acknowledgement that May Day was not a complete success. The recognition that there won’t be another occupation. The determination to continue.

It’s that last that Max Abelson doesn’t see. The emphasis for him is on dysfunction and burnout:

Organizers said there has been more fatigue than fresh thinking this year. Occupy’s New York City General Assembly, which oversaw planning by consensus, ceased functioning in April because of infighting, ineffectiveness and low turnout, according to organizers and minutes of meetings. The group’s funds were frozen to preserve money for bail, ending most cash distributions, they said.

While the unnamed organizers are correct, for most of us April is an age ago. It’s hard to find people who still regret the passing of the GA, although there are occasional calls for a central decision making body. As the piece continues, the emphasis remains on “burnout,” “calcification,” “ossify”–a movement past its prime.

The Abelson piece reads as if it has been edited hard from a longer essay, as quotes float in and out without discussion or context. Subheads like “Venemous Forums” or “Anarchist Core” catch the eye but aren’t the writer’s fault. He does place a lot of emphasis on what I can only think was a throw-away comment about making citizens’ arrests on September 17, which runs counter to most people’s sense of what OWS is about.

In the end, then, what we have is a nice snapshot in a friendly media outlet and a not terrible but not great, slightly sensationalist piece in a very hostile outlet. Why is that no good? Why do we so often want to have a “celebrity” endorse a cause or an action, just like every other media-directed project? In part I’m thinking back to a job search we did last year in my department for someone working on media activism. The overwhelming impression I was left with was how hard such activism is in the face of the corporate behemoths. Now that even the New York Times has taken to calling Republican media statements “lies,” perhaps the gap is closing.

If Occupy is trying to build a new world in the shell of the old, what would its media look like? Projects like Tidal: Occupy Theory, Occupy Strategy, whose third issue is just out; or Occupy! the OWS-Inspired Gazette (new edition due September 15) are trying to do that work. It’s very hard: questions of funding, printing and distribution have to be solved by the same people doing the editing, writing and commissioning.

These publications are not, as some might say, preaching to the converted. They are given away free, often to the curious people standing on the edge of a meeting or a rally who wants to know more but isn’t ready to get involved. In a city of 19 million people, working like this takes time. That’s OK. At certain moments, like last September 17, new possibilities emerge. What we’ve all been doing ever since is to try and keep that possibility open for as long as we can.

All Roads Lead to Wall Street

What is this? It’s the new poster for the day of action on the OWS anniversary, September 17, 2012. It’s a call for a convergence on Wall Street, still the epicenter of the financial, political and environmental crisis, where still no one has gone to jail. They gave up even trying to bring charges against Goldman Sachs, the vampire squid, the bank so evil it gave capitalists pause. No charges. It’s a restatement of the fundamental reasons that the phrase “Occupy Wall Street” made so many people reply “Hell, yeah.”

It’s more than that. It’s the emergence of three clear priorities within the Occupy movement. They represent our impossible demands. OWS demands an end to corruption in politics. Of course, that would mean overturning the jaw-dropping Supreme Court fix known as Citizens United; it would mean abolishing the endlessly corrupt interface between corporations and legislators; it would mean regulating advertising and reinventing government by the people. So in the present system, to even make this demand is impossible.

We demand debt abolition. Debt is the engine of financial capitalism from the payday loan, the high interest store card and the pawn shop that prey on the low- or unwaged, via the exploding disaster of mortgages and student loans, to the debt vultures who generate spectacular profit on debt. It is unthinkable to abolish debt in the present system, just as it was once unthinkable to abolish slavery. At the same time, it is increasingly clear that the current rate of exploitation cannot be sustained.

Nowhere is that more self-evident than in the crisis of life, the environmental crisis. When you watch little kids play on the beach on a cloudy day in broad-brimmed hats, as in now standard practice in Australia to protect from the UV radiation, you know this has gone too far already. Our bodies feel out of sorts with the weather and strange new patterns. Crops dies in the fields for want of rain in one part of the world, while floods devastate elsewhere.

For thirty or more years, the forces we call “Wall Street” have devastated the social, cultural and biological worlds with their theory of rational actors. In short, all actions are economic at heart and are calculated by each person for their maximum economic benefit. It is this theory of the rational that Occupy challenges as being patently false. It is irrational to sell politics to the most corrupt. It is irrational to have debt collectors pursuing one in seven Americans. It is suicidally irrational to treat the biological resources available to us as infinite.

“Free yourself” means you have the freedom to think for yourself and to do otherwise. S17 is just a day. If you can’t be there or want to start now or want to do something different, that’s all great. These are just some of the threads that comprise the movement. Free your mind, the rest will follow.

Remember September 17

September 17, also known as S17, is the next major day of action in the OWS calendar. When I referred to it the other day, I had some inquiries as to what I meant. So, with all due allowance for the fact that I speak for no-one but myself, here’s why you should keep September 17 free.

It’s one year of Occupy Wall Street. A year in which we changed the political vocabulary with the phrase “We are the 99%” and the concept of Occupy. A year of consolidating and organizing the vision that another world is possible, outside the atrophied structures of all-money-all-the-time “politics” as usual.

Did we “win”? If you go back to the materials of the time, everyone kept saying the same thing: there are no demands. So “winning” or “losing” cannot be measured by the accomplishment of this or that benchmark. The original call spoke of being encamped downtown for  “a few months.” Perhaps we fell a couple of weeks short but the park was the most intense time in many people’s lives and should not be measured by the calendar.

So this year once again there will be a call to assemble in New York on September 17. As S17 is a Monday, there will be major events on the preceding weekend and in the week afterwards. As it happens, S17 is Rosh Hashanah, the Jewish New Year. But the NYSE is open, as are most financial institutions.

What exactly is going to happen and what the messages will be are being determined by the usual working groups. There’s a widespread sense that S17 should be the beginning of a new phase of the movement, such as the Strike Debt campaign that I am working with. No one wants to repeat the post-May Day hangover, where we’d organized for months only to not be sure why afterwards.

The reasons to be there are very clear.

  • If anything, the above is more true than it was a year ago.
  • Montreal is still on permanent unlimited strike.
  • Austerity is a palpable disaster, inducing double-dip recessions worldwide.
  • Spain, Greece, Ireland–solidarity with the IMF colonies
  • Capitalism is killing the planet: Greenland and the Arctic are melting, there is a drought in half of all U. S. counties, there are floods in China.
  • No bankers are in jail, even though they have been caught money laundering, fixing interest rates, losing clients’ money and other crimes above and beyond their incompetence and greed.
  • Tens of millions are so in debt that they have become part of the Invisible Army of debt defaulters and strikers.
  • 50 million people have no health insurance in the supposedly richest country in the world.
  • Politics is so obviously for sale to the highest bidder, it has become more brazen than organized crime.
  • {put your own reason(s) here}

If none of that is enough, I guarantee you’ll have a lot of fun, meet some great people and feel better about yourself.

September 17. New York City. Try and come. See you there.

Back to Organizing

After a couple of long-distance weeks, I headed into New York for the Strike Debt organizing meeting today. I had the slightly surreal experience of reading David Graeber’s excellent anthropological study Direct Action on the way in and then meeting the author himself in a meeting that was in part about direct action. It’s interesting to compare the two moments in autonomous politics.

Today we gathered to discuss Strike Debt  and what it might do over the course of the first year anniversary on September 17 and thereafter. For a project that only came into existence in a horizontal discussion in Washington Square Park less than two months ago, it’s impressive to see the range of activities people are planning.

While there’s plenty of other activity being organized for S17 and after, it’s interesting to see a range of action around a thematic project. There are a set of publications being worked on: the Five Theses of Strike Debt that will summarize the movement; a Debtor’s Manual providing practical advice for people burdened by debt; and a longer Declaration that will provide a fully-fledged analysis of the debt crisis. All are being crowd-written. All will be available via a website that is being constructed.

One of the most intriguing projects is the Rolling Jubilee, a project in which OWS will buy up debt that is in default, easily available for pennies on the dollar, and then abolish it. It turns out that the only complicated part of all this is notifying credit agencies and indeed the debtors themselves that the debt has been annulled. Which tells you a good deal in itself.

There’s a project to create a “Telethon” to raise funds for the Jubilee at a venue in New York, which will be live-streamed and include presentations and performances.

A group is creating guerilla videos for the Invisible Army, those who are already in default whether by choice or necessity. These will publicize the extent of debt default that I think of as a wildcat debt strike.

A direct action group is proposing public defiance of debt, whether by burning bills in echo of the draft card burnings of the 1960s, or by shredding.

All of these were decided to fall under three main organizing headings:

  • Structural Change: broken down into Abolition and Reconstruction
  • Mobilization and Community
  • Changing Rhetoric

So all of this made me consider how the organizing we’re doing compares to that of the global justice movement. There’s a great deal of overlap of course, from people to process. All the mechanics of facilitation, consensus and hand-gestures are the legacy of the global justice people–although as Graeber points out, they in turn owed much to groups like the Quakers. So autonomous politics has a long history.

Perhaps the differences are more to be seen in the political culture. There’s much discussion in Direct Action about disputes with the International Socialist Organization. It’s possible that they continue–and I have seen more than a few sectarian disputes on and off line. In Strike Debt, we hear plenty of Marxist rhetoric, of course, but there’s no enthusiasm for a vanguard party or the like.

Another contrast would be that despite the permanent awareness of police infiltration, it was possible for activists to get right up to the security wall at the Quebec summit in 2001 without being challenged by police. The saturation policing that Occupy has had to learn to take for granted had not quite come into being, despite the experience of Seattle.

Finally, the obvious lesson is that, despite the enthusiasm of last September, local uprisings are not going to change capitalism overnight. At the moment, it’s doing more to damage itself than any activist ever could. Less than a year old, Occupy has learned from the past and is now learning from its own past. This is the long game we’re playing here.

And to judge by the way that David takes notes in meetings, which was, I now learn, how he wrote the last book, you should have the opportunity to find out what he thinks has been learned before too long.

 

Simple Lessons for S17

In academia, we are discouraged from taking a straightforward view. Perhaps the most popular academic words are “complex,” “complicated” and “more” when attached to one of the first two. The financial crisis does, however, strike me as straightforward: the blatant crimes of the banks culminated three decades of wealth transfer from poorer to richer. As the anniversary of Occupy Wall Street approaches, this should not be forgotten or set aside.

This point was brought home by seeing some charts produced by the Federal Reserve and published on the Business Insider blog. Here to begin with is a chart showing the value of wages in relation to gross domestic product.

Wages expressed as gross domestic product

It’s easy to see that since the 1973 oil crisis in general, and the beginning of  Reaganomics in 1980 in particular, wages have steadily declined until falling off the cliff in 2008, from which there has been no recovery. Unsurprisingly, therefore personal debt has risen in accordance.

Household debt

In 1973, household debt was negligible. It is now over $14 billion. The apparent slight improvement since 2008 is the effect of record numbers of bankruptcies, foreclosures and credit card write-offs. Corporate and government debt rose in parallel. The consequence can be seen below, where debt is the red line and gross domestic product is the blue line.

Clearly, this is not sustainable: or so you would think. Government has concentrated primarily on reducing its own debt, a largely meaningless affair except insofar as it further impoverishes those dependent on state support or using state-financed health care. Isn’t there a problem with financing all this state debt? Actually, as far as the U. S. goes, no, not at all. Liberal Paul Krugman points out the obvious in today’s Times, namely that markets are

buying government debt, even at very low returns, for lack of alternatives. Moreover, by making money available so cheaply, they are in effect begging governments to issue more debt.

Some U. S. government debt is so cheap, it actually costs investors money to get it.

So it’s clear that you could, if you wanted, do many creative and interesting things with what is in effect free money, like abolish personal debt. If you want to see why this isn’t happening, then look at this chart showing corporate profits:

Corporate profits

After a nasty hiccup in 2008, profits are roaring above all post-war levels, with only the Cold War boom even coming close and then only very briefly. This level of return is very desirable for those we have called the one percent and they are willing to do anything to defend it.

And yet, even this wasn’t enough for them. At Barclay’s Bank, center of the LIBOR scandal, yet more criminal activity has been uncovered. Jerry del Missier, the former Chief Operating Officer of the bank during all this crime has even been handed a $13.6 million  farewell package.

The activism is about changing the way that we imagine ourselves in relation to debt. It means embracing government borrowing at historically low levels to relaunch the economic lives of the 99%–and then making sure neo-liberalism can’t happen again. The outrage, the anger and the sadness comes from the astonishingly brazen theft by corporations and banks for which no-one has yet even shown remorse, let alone be punished.

On September 17, and for the years after it, let’s show that we haven’t forgotten these simple lessons.