Crisis of Finance Capital:
Behind and Beyond Derivatives
A Comment on the Interview with Frank Partnoy
"Deregulation, Derivatives, and Moral Hazard"
by Roberto Flores
Los Angeles, California
The story that Partnoy paints in In Motion Magazine’s “Deregulation, Derivatives, and Moral Hazard” is about the internal mechanism (nuts and bolts of high greed) that not only includes de-regulations and ironically regulations, invisible "alegalities", incomprehensibly complex products, financial mechanism for rationalized theft, but also includes the outright purchase of any part of a bi-partisan government that is needed to support Capital's relentless effort to efficiently increase its ability to control global economies for the continuing concentration of global wealth and power by the 1%. Paradoxically, it is also the motive for growing interest in developing and practicing moral economies through local autonomy as the antidote to this viral and suicidal global malaise.
The evidence presented by Partnoy explains the diminishing interest in mounting the colossal reform effort needed to take down or block the financial elites' game. In Motion Magazine’s directive probing and Partnoy’s insider’s insight reveal that the anemic response to reform is partly because complete reform, even if victorious, would still leave political structural openings for the insatiable desire to accumulate wealth and an encore of depravity.
Partnoy’s testimony is evidence that there is a better and more effective long-term strategy and powerfully intuitive motive in immediately establishing and/or reinforcing existing bottom-left local autonomous moral economies that already exist in contrast, in opposition and that are contagious at the grass roots.
The same state-based economic conditions that are so eloquently and honestly described by Partnoy that make greed attractive and contagious among the elite and mini elite, also guarantee the growth and expansion of social rhizome forms or inter-locking networks that promise to eventually morally and economically overwhelm the present system.
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