Nemesis: From the Cruelest of Aprils to the Most Unpredictable of May Days

Abstract

Whatever the outcome of the “Greek crisis,” all current discourses seem to be announcing a new era. Despite their obvious differences in culture, in tactics, and in style, political leaders and bankers, economists and analysts, bureaucrats and activists seem to agree on the explosive unpredictability of the situation. It would seem that the new universal specter haunting the actual developed world is not communism—or even terrorism—but financial speculation. Is capitalism in danger of being devoured by its own offspring? Are we obliged to reconsider the actual situation in the light of Karl Marx’s contention that the only real limit of capital is capital itself? Obviously, the debate must remain inconclusive. But there can be no doubt that it is open. Of course, the ubiquitous signs of alarm may be interpreted in a narrower “technical” sense. Indeed, to the extent that mismanaged national economies always run the risk of falling into the clutches of the extortionist interest rates of the free market, all prospective emulators of Greek practices, by now seen as the epitome of disgraceful irresponsibility, must be unanimously discouraged. And in this respect, the pitiless capital market and the even more ominous International Monetary Fund may well function as the most effectively deterring of scarecrows. It is by now openly maintained that if governments do not conform to the rules, it is their countries and people who will have to pay the price. In this sense, regardless of their effects, the decisions of the free market are seen as theodicies. Even if they are unpredictable, they always remain “rational” and “just.” However, the very vehemence of anti-speculative discourses seems to indicate that much more than market rationality and justice is at stake. Indeed, by now it would seem that even the established and “responsible” political systems feel increasingly vulnerable when facing the unpredictable activities of capital markets. Not more than two years ago,