Sunday, June 20, 2021

Fraud Unleashed

The corollary to widespread fraud is the stacking up of conditions that make it possible for that fraud to run away on its own momentum. Regarding autopsies on the 2008 financial crisis for example, what was really fascinating was the accumulation of systemic changes whose effects all had a sort of harmony of dissonance, so to speak, which aligned perverse incentives which in turn allowed a general drive in a large portion of the population to sustain the fraud itself. We can take together the historic re-consolidation of capital and finance capital in particular, the rightward legal, economic, and PR shifts and the political fruit of those labors, the changes in corporate governance, the dearth of wage and the need for cheap credit and the accompanying vulnerability to scam, the concentration of wealth and the dynamics behind that, the very nature of the operation of the market and capital, with its growing and culminating ideological emphasis on being "free," and so on. And then the specific innovations in the finance sector itself, and innovations in the form and processes of the scams which made use of those innovations. And then of course all of these processes were connected to each other and influenced each other, affecting and being affected by changes in the culture and in the composition of the world system, to produce a perfect storm, an enormous bubble of fictional wealth which then proceeded to unravel, itself in accordance with a human nature built up over thousands upon thousands (and beyond) of years of evolution. And this spectacular and highly visible crisis itself set forces and changes in motion, through its own massive displacing momentum.