Coded conspiracism: “What’s Left?” November 2018, MRR #426


I don’t like words that hide the truth. I don’t like words that conceal reality. I don’t like euphemisms, or euphemistic language. And American English is loaded with euphemisms. Cause Americans have a lot of trouble dealing with reality. Americans have trouble facing the truth, so they invent the kind of a soft language to protect themselves from it, and it gets worse with every generation.

George Carlin, “Euphemisms”

Sometimes a globalist is just a globalist.

paraphrase of fake Sigmund Freud quote

I grew up in the 1950s, in a “more innocent time.” It was a time when people didn’t curse, not openly that is. When I hit my thumb with a hammer in shop class, instead of shouting “Jesus Fucking Christ!,” I was told to say “Jiminy Cricket!” I envied my Polish-born dad who could let loose a string of Polish expletives whenever he injured himself.

It was actually a more euphemistic time, when great pains were taken to soften and hide reality in the name of politeness and gentility. As the rest of the Carlin routine sadly if humorously illustrates, the WWI term “shell shock” had been transformed into the WWII term “battle fatigue” and was in the process of becoming “operational exhaustion” during the Korean War. I would witness its transmutation yet again into “post-traumatic stress disorder” during the Vietnam War.

Euphemisms substitute mild, indirect, or deliberately vague words for ones considered offensive, harsh, or too blunt for the listener’s own good and the audience’s sensibilities. We use plenty of them today, from passed away or departed for died, and correctional facility instead of jail, to differently-abled or handicapped instead of disabled, and ethnic cleansing for genocide. They’re not to be confused with code words, where a word or phrase has a very specific meaning to a very specific audience, while remaining innocuous to the uninitiated. Code words are used a lot in dog-whistle politics, a relatively new term where words and phrases that are intended to mean one thing to the general population are deliberately used to convey different, additional, or more specific meanings for targeted specific demographics. Terms like “family values” and “pro-family” are intended to be innocuous to the public while conveying homophobic and misogynistic meanings to those in the know. Code words also conceal reality.

In Ventura in the 1960s I knew the town character, a slightly lopsided silver-haired old man named Quince. Quince liked to attend civic events and city functions dressed in what appeared to be a WWII uniform, although upon closer examination he’d incorporated elements of WWI, Civil War, and even Revolutionary War uniforms into the mix. On Saturdays he hung out on the sidewalk in front of the post office with a card table of mostly John Birch Society literature. He was big into the perils of the International Communist Conspiracy, but among the literature was a booklet entitled “Banking and Currency and The Money Trust” by Charles A. Lindbergh.

I knew that Lindbergh had been the first to fly solo across the Atlantic in a single engine monoplane called The Spirit of St. Louis and was nicknamed Lucky Lindy. When Quince saw me thumbing through the small volume he sidled up to me and spoke in a low voice.

“Congressman Lindbergh was one of the first to warn against the cabal of international bankers such as Morgan, Rockefeller, and Rothschild who instituted the Federal Reserve System in 1913 giving them control of interest rates, the stock market, and the capacity to create money out of thin air. He called those international bankers the ‘Money Trust’ and denounced the Federal Reserve Bank’s control over the American republic’s economy, causing inflation, the continuous decline of the dollar, and skyrocketing national debt ever since.”

“Didn’t Congress and President Wilson create the Federal Reserve?” I asked, having been a precocious history buff in my adolescence.

“There were sinister powers behind the Federal Reserve Act.” Quince talked as if he were revealing a dangerous secret. “Lucky Lindy was a great American hero, but even he had to be circumspect about revealing the true evil force behind the greedy power grab by those international bankers.”

Quince glanced about, reached into his coat, and surreptitiously pulled out a plain covered pamphlet that read “The International Jew: The World’s Foremost Problem” by Henry Ford.

That was my first experience of a euphemism colliding with a code word. The modern conspiracy theory about who REALLY rules the world was ancient even back then, with the Illuminati, Freemasons, international bankers, New World Order, and alien shapeshifting lizards now prominent among the covert cliques identified as secretly running the world from behind the scenes. But conspiracy wingnuts purporting to expose those truly responsible for the clandestine system of global domination almost invariably circle back to their OG suspects, “the Jews.”


The promising anti-globalization movement of the 1990s and early 2000s was susceptible to rightwing antisemitic tendencies from its inception which then developed into “soft” antisemitic organizations like AdBusters. AdBusters went on to initiate the Occupy Wall Street movement which, while largely leftwing, attracted rightwing elements that blamed the Federal Reserve, international “banksters,” and the Jews for all that was wrong with the world. On the Right, the terms “international bankers” and “Zionists” have frequently gone beyond euphemism to become code words for Jews. The current use by Trump nationalists and their supporters of “globalists” and “cosmopolitan elites” to characterize their opponents employs code words that imply that the Jews are behind it all. Those on the Right who now rail against “cultural Marxism” never mention that their original Nazi trope blamed the Jews for being behind the evils of both Communism and capitalism. Again, the current meme of “cultural Marxism” goes beyond euphemism and even code words into “snarl words” that tar anyone with progressive politics as a secret Communist while implying that the Jews are covertly responsible for all the world’s ills.

Euphemisms are intended to soften the impact of difficult ideas. Code words disguise the meaning of those same problematic ideas for the general public while specifically targeting a select audience for incitement. Snarl words are derogatory terms that always attack and can never be used in neutral or positive ways. But what about words that hide something that is always kept in plain sight? Words that simultaneously conceal and reinforce concepts with which we are all too familiar?

“Capitalism” and “capitalist” are just such words. Nobody denies that capitalism and capitalists rule the world. There is no conspiracy, no clandestine cabal, no secret government bent on world domination. Capitalism is as natural as the air we breathe, according to capitalists, because humans are individualistic, selfish, and greedy by nature. Their “propensity to truck, barter, and exchange” is also part of human nature and gives rise to capitalism naturally. The ascendance of a powerful stratum of capitalists is also natural. If capitalism is the natural order of things, then capitalists gain power and rule naturally, rightfully due to merit and not by force or conspiracy.

Capitalists comprise a social class and constitute a ruling elite however, according to Marx. And capitalists go about their activities mostly in the open. They form associations openly, from the Chamber of Commerce and National Association of Manufacturers to the World Trade Organization and the International Monetary Fund. They make their plans openly—in the Wall Street Journal and the Financial Times—with no conspiracy necessary. And they carry out their plans, create their organizations, and govern openly with the consent of the people who freely exercise their right to vote as citizens of a democracy. Conspiracies do occur. The secret US war in Laos and Cambodia, the Watergate break-in, and the Arthur Andersen-associated scandals in the 1970s were all conspiracies. But by and large, capitalism and capitalists operate in the open.

This is all to disguise that there is a capitalist ruling class; that capitalism functions through exploitation, appropriation, and outright violence; that in a democracy politicians are bought and paid for by the capitalist ruling class; that the state is the monopoly of the legitimate use of violence; and that “[t]he executive of the modern state is but a committee for managing the common affairs of the whole bourgeoisie.” Capitalists are the original globalists. The current talk about “nationalists” vs “globalists” is actually about the power struggle between two factions of capitalists for control within the international bourgeoisie. It’s all about misdirection, so I call such words sleight-of-hand words.

Capitalism as an economic system has been around for a little over 750 years and did not achieve global dominance until 1989-91. Hominids have been around for about six millions years, modern humans for around 300,000 years, human behavioral modernity for around 50,000 years, and human civilization for about 6,000 years. Most human societies prior to capitalism were communal, hunter/gatherer, and tribal. That’s another reason why capitalism is neither natural nor a product of human nature.

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Capitalism In Crisis or Without End: “What’s Left?” September 2017, MRR #412

This is the conclusion to my overlong analysis last column of the crisis of the Left and the crisis on the Right (Party like it’s the 1960s: “What’s Left?” July 2017, MRR #410).

Our story so far:

Interregnums are instances of revolutionary class conflict, either regional and diffuse (Great Peasants’ War, 1524-25; English Glorious Revolution, 1688) or more consolidated and national (French 1789 Revolution, Russian 1917 Revolution, Spanish 1936-39 civil war). Related regional interregnums were strung together into a broad, territorial interregnum (religious conflicts/wars across continental Europe, 1517-1648), while associated national interregnums were linked into a global interregnum (WWI through WWII, 1914-1945).

The French 1789 Revolution gave rise to our modern Left-Right political landscape and modernity itself. The Right is both a revolt against the modern world and a reaction to the Left. In Europe, the moderate Right and reactionary Right were joined by a Fascist Right, while in the United States various radical and new Rights emerged. But in the face of international socialism and communism after WW2, an effort was made by Buckley and the National Review to define, unify, and defend an official conservative movement.

When the Left in the 1980s experienced a crisis due to the defeat of organized labor, the collapse of real existing socialist regimes, and the decline of Marxism, the Right underwent a corresponding crisis. More fractious than the Left due to its non-programmatic, non-rational nature, the Right exploded, particularly in patriot and populist terms. The secular, religious, and xenophobic Right can barely contain the proliferation of groups and ideologies, unlike the Left which neatly divides into antiauthoritarian, parliamentary, and Leninist types.

Because the Right is invariably a reaction to the Left, when things fell apart and the center on the Left could not hold, mere anarchy was loosed both on the Right and the Left. The crisis of the Left was matched by a crisis on the Right—with mindless proliferation, sectarian infighting, and growing Red/Brown crossover on the Right—which in turn marked the beginning of another global interregnum. But what is the cause of this crisis on Left and Right, and of the global interregnum? Is it the fabled Marxist final crisis of capitalism?

First, I need to backtrack.

I called myself paleo, more or less orthodox, and old school in my Marxism when it comes to class struggle, modes of production, and the origins of modernity. Yet I’m also hep, au currant, and with it when it comes to updating my Marxist political economy with a little world systems theory (Braudel, Wallerstein, Arrighi). Capitalism started to develop in embryonic form as a world system of exploitation and appropriation as early as 1450, and went through two cycles of capital accumulation (the Genoese and Dutch cycles) prior to the British cycle which acted as a context for the French 1789 Revolution and Europe’s industrial takeoff. So not only is it correct to call the English civil war (1642-51) a prequel to the bourgeois revolutions that ushered in the modern world, it’s clear that the Renaissance prefigured the Enlightenment, and that the modernity of Machiavelli and Hobbes presaged the modernity of Locke and Rousseau. The extensive trading networks, market relations, and commercial expansion of capitalism prior to 1750 did not possess capital’s “relentless and systematic development of the productive forces” that the industrialization of the British cycle initiated, as Robert Brenner and Ellen Meiksins Woods noted. Whether we call the period from 1450 to 1750 pre-capitalism or proto-capitalism or market capitalism, we need to distinguish it from modern capitalism proper after 1750. Hence the use of the French 1789 Revolution as a convenient benchmark for the advent of modern industrial capitalism, modernity, and modern Left-Right politics.

The Marxist-influenced world systems school argues that each cycle of capital accumulation responsible for the rise of the current world economy is comprised of commercial, production, and financial phases. The commercial phase is characterized by making profit from trade and commerce—simple circulation and exchange. The production phase is distinguished by making profit from the whole process of industrialization—building factories to produce commodities, hiring workers, paying them less than what the commodities are sold for, and then valorizing the resultant surplus value into capital. The final financial phase is typified by making profit from investing in everything else that makes money—trade, commerce, manufacturing, factory production, services—which is just one step removed from simple exchange and circulation once again. What is most profitable in this three-phase cycle schema is the production phase because that’s where infrastructure is produced, the working class is reproduced, and capital is fully valorized. The commercial and financial phases are merely making money off of circulating money, and the financial phase in particular is seen as capitalism in decline.

This tripartite model is problematic and weakest when it comes to the pre-industrial Genoese and Dutch cycles, and only comes into its own with the British and American cycles. What’s more, its best to take this theory as descriptive rather than prescriptive. The center for world capitalist market power shifted from Genoa, through the Netherlands and Britain, to the United States, where it is predicted to shift again, probably to Asia, since American-centered capitalism is financializing and thus in decline. But will that shift occur? Or are we in the End Time, the final crisis of capitalism?

This model works admirably well in describing what happened when American-based capitalism changed from production to finance, which can be pinned down roughly to 1973. The Keynesianism of the Kennedy/Johnson era transitioned to the neoliberalism of the Thatcher/Reagan era when the political and cultural unrest, growth in social programs and expansion of the welfare state, and strong organized labor and strong middle class of the 1960s gave way to the rollback of government regulations, the welfare state, the public realm, and unions of the 1980s. The neoliberal trend began when the rank-and-file labor rebellions and wildcat strikes of the 1970s were routed, then was formalized with the defeat of organized labor by Reagan’s breaking the PATCO unions and Thatcher’s trouncing the striking miners, and was finally enshrined with the collapse of the Soviet bloc. Marxism appears to be bankrupt. This is, of course, the beginning of my crisis of the Left and on the Right, and my global interregnum. But why did it happen?

The short, Marxist answer is that the change from Keynesianism to neoliberalism, from affluence to austerity, from production to finance, is due to a tendency for the rate of profit to fall. If I had to choose between the lively polemics and exhortations of the 1848 Manuscripts, Communist Manifesto, and Critique of the Gotha Program versus the dry scientific analysis of Capital’s three volumes, I would choose the former every time. That’s because my mathematical chops are seriously lacking, even though I think there are insights to be had in Marxist economic statistics, formulas, and models. One such outstanding Marxist economist was Henryk Grossman whose work The Law of Accumulation and Breakdown of the Capitalist System attempted to formulate mathematical laws of capital accumulation, how it operates and why it falls short. The tendency for the rate of profit to fall (mainly due to the changing organic composition of capital) can be offset by capitalism’s creative destruction (state austerity, economic depression, war).

In the grand scheme of things then, when capitalist production became less and less profitable the economy transitioned to finance capitalism. Neoliberalism as the ideology of finance capitalism is all about deregulating and financializing the economy, rolling back the welfare state, crushing organized labor, and privatizing the public realm to reverse the falling rate of profit, and as such it’s a rightwing ideology of capitalist decline and crisis. Will this be capitalism’s final crisis as originally predicted by Marx himself, or simply the shift of capitalist power in a world economy to Asia as currently predicted by world systems theory? I can’t say, since I’m being descriptive and not prescriptive. But is capitalism-without-end really possible, or are we quickly reaching the planet’s carrying capacity for cancerous economic growth? That’s a question that will have to wait for a future column.

NOTE: Financial capitalism is a whole system, to include the state and most corporations, not merely the international banking system. This must be made clear in a time of Left/Right Red/Brown crossover politics. I’m particularly leery of talk about “international bankers” or that not-so-clever portmanteau “banksters” because it so easily slips into teleological conspiracy theory and “international jewish” idiocy.

FOOTNOTE: After La Méditerranée, Braudel’s most famous work is Civilisation Matérielle, Économie et Capitalisme, XVe-XVIIIe (Capitalism and Material Life, 1400-1800). The first volume was published in 1967, and was translated to English in 1973. The last of the three-volume work appeared in 1979.[9] The work is a broad-scale history of the pre-industrial modern world, presented in the minute detail demanded by the methodological school called cliometrics, and focusing on how regular people made economies work. Like all Braudel’s major works, the book mixed traditional economic material with thick description of the social impact of economic events on various facets of everyday life, including food, fashion, and other social customs. The third volume, subtitled “The Perspective of the World”, was strongly influenced by the work of German scholars like Werner Sombart. In this volume, Braudel traced the impact of the centers of Western capitalism on the rest of the world. Braudel wrote the series both as a way of explanation for the modern way and partly as a refutation of the Marxist view of history.[10]

Braudel discussed the idea of long-term cycles in the capitalist economy that he saw developing in Europe in the 12th century. Particular cities, and later nation-states, follow each other sequentially as centers of these cycles: Venice and Genoa in the 13th through the 15th centuries (1250–1510); Antwerp in the 16th century (1500–1569); Amsterdam in the 16th through 18th centuries (1570–1733); and London (and England) in the 18th and 19th centuries (1733–1896). He used the word “structures” to denote a variety of social structures, such as organized behaviours, attitudes, and conventions, as well as physical structures and infrastructures. He argued that the structures established in Europe during the Middle Ages contributed to the successes of present-day European-based cultures. He attributed much of this to the long-standing independence of city-states, which, though later subjugated by larger geographic states, were not always completely suppressed—probably for reasons of utility.

Braudel argued that capitalists have typically been monopolists and not, as is usually assumed, entrepreneurs operating in competitive markets. He argued that capitalists did not specialize and did not use free markets, thus diverging from both liberal (Adam Smith) and Marxian interpretations. In Braudel’s view, the state in capitalist countries has served as a guarantor of monopolists rather than a protector of competition, as it is usually portrayed. He asserted that capitalists have had power and cunning on their side as they have arrayed themselves against the majority of the population.[11]

It should be noted that an agrarian structure is a long-term structure in the Braudelian understanding of the concept. On a larger scale the agrarian structure is more dependent on the regional, social, cultural and historical factors than on the state’s undertaken activities.[12]

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