Guardian UK: Riot? If I were 20 years younger I would take to the streets

[marmar]

Riot? If I were 20 years younger I would take to the streets

Henry Porter
The Observer, Sunday 1 February 2009


The riots in Paris and the demonstrations against foreign work forces being used at British oil refineries and a power station seemed to be a presentiment of widespread civil disturbance, especially in this country. We are, after all, only at the beginning of a slump which is predicted by the IMF to hit Britain more seriously than any other developed nation. It will be longer and deeper and we can already see the hardship, the bills accumulating.

In the last week, it seems that I have hardly had a conversation that has not dwelled on the economic crisis and how we arrived at a position where we are paying to bail out the bankers, who are still claiming vast bonuses, and face finding another £20bn each year in taxes or losing that amount in services.

If it had been a matter of straight theft - ie the damage done was equal to every bonus - the world economy could easily absorb the hit, but there is a vast multiple involved between the amount taken in bonuses and the bail-out received from governments. Figures to be published in Vanity Fair next week show that the bail-out in the US is anything up to 900 times the bonuses paid to the top five executives of leading American banks. At Citicorp, bonuses equalled $54m in 2007 while the bail-out was $45bn. This ratio doesn't capture anything like the economic consequences of greed on both sides of the Atlantic. They are incalculable. The crime is nearly the equivalent to poisoning of the world's water supply. If the banking industry and advocates of unregulated market capitalism expect a return to normal service after the slump they are gravely mistaken.

It is fortunate for the hedge fund managers and derivative traders in Britain that the London mob does not materialise at moments like this to drag them from their spruced-up homes and limousines as regularly happened in the 18th century. In one way, it is also regrettable, because then the mob, which, incidentally, is a shortening of mobile vulgus, affected the conduct of politics and on several occasions changed things for the better. .......(more)

The complete piece is at: http://www.guardian.co.uk/commentisfree/2009/feb/01/henry-porter-recession

[jimshoes]

1. This line is particularly poignant,

"It is fortunate for the hedge fund managers and derivative traders in Britain that the London mob does not materialise at moments like this to drag them from their spruced-up homes and limousines as regularly happened in the 18th century".
On edit, And could well apply here in the US.

[acmavm]

2. That jumped out at me too. I only have one thing to add:

<snip>
In contrast to this view, Jefferson insists on the virtue and necessity of periodic rebellion - even against the newly formed government. The processes of constituent power must continually disrupt and force open an establishment of constituted power.

"The spirit of resistance to government is so valuable on certain occasions, that I wish it to be always kept alive. It will often be exercised when wrong, but better so than not to be exercised at all. I like a little rebellion now and then. It is like a storm in the atmosphere."

Rebellion against the government, he maintains (pdf), is so virtuous that it should not only be tolerated but even encouraged.


http://www.guardian.co.uk/commentisfree/2007/jul/04/taketherevolutionaryroad