Henry A. Giroux | Reclaiming the Radical Imagination: Challenging Casino Capitalism's Punishing Factories
Monday, 13 January 2014 09:14By Henry A. Giroux, Truthout | Op-Ed
(Image: Jared Rodriguez / Truthout)A society consisting of the sum of its vanity and greed is not a society at all but a state of war. - Lewis Lapham
The Gilded Age is back, with huge profits for the ultrarich, hedge fund managers and the major players in the financial service industries. In the new landscapes of wealth, exclusion and fraud, the commanding institutions of a savage and fanatical capitalism promote a winner-take-all ethos and aggressively undermine the welfare state and wage a counter revolution against the principles of social citizenship and democracy. The geographies of moral and political decadence have become the organizing standard of the dreamworlds of consumption, privatization, surveillance and deregulation. For instance, banks such as JP Morgan Chase, Bank of America and other investment companies including Barclays, Citigroup, Deutsche Bank, Goldman Sachs, and UBS prosper from subterfuge and corruption. They also have been transformed into punishing factories that erode the welfare state while pushing millions into hardship and misery and relegating an entire generation of young people into a state of massive unemployment, debt, and repression. The profits seem endless and the lack of moral responsibility unchecked as the rich go on buying sprees soaking up luxury goods in record numbers. The New York Times reports that dealers of high-end luxury cars cannot keep up with the demand. Indulging in luxury items is no longer a dirty word for the ultrarich in spite of living in a society wracked by massive unemployment, inequality and poverty. One example provided by theTimes, without either irony or criticism, points to "Matt Hlavin, an entrepreneur in Cleveland who owns seven businesses, mostly in manufacturing, bought three Mercedes last year: a $237,000 SLS AMG and a $165,000 S63 AMG for himself, and a $97,000 GL550 sport utility vehicle for his wife."[1] This example of shameless consumption reads like a scene out of Martin Scorsese’s film The Wolf of Wall Street, which portrays the financial elite as infantilized frat boys out of control in their unquenchable craving for greed, sex, power, and every other debauchery
