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leberwurst proletariat

Tag: 1970s

Other People’s Blood

 

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by Tim Barker 2019 (n+1)

If someone were to make a movie about neoliberalism, there would need to be a starring role for the character of Paul Volcker. As chair of the Federal Reserve from 1979 to 1987, Volcker was the most powerful central banker in the world. These were the years when the industrial workers’ movement was defeated in the United States and the United Kingdom, and third-world debt crises exploded. Both of these owe something to Volcker. On October 6, 1979, after an unscheduled meeting of the Fed’s Open Market Committee, Volcker announced that he would start limiting the growth of the nation’s money supply. This would be accomplished by limiting the growth of bank reserves, which the Fed influenced by buying and selling government securities to member banks. As money became more scarce, banks would raise interest rates, limiting the amount of liquidity available in the overall economy. Though the interest rates were a result of Fed policy, the money-supply target let Volcker avoid the politically explosive appearance of directly raising rates himself. The experiment — known as the Volcker shock — lasted until 1982, inducing what remains the worst unemployment since the Great Depression and finally ending the inflation that had troubled the world economy since the late 1960s. To catalog all the results of the Volcker shock — shuttered factories, broken unions, dizzying financialization — is to describe the whirlwind we are still reaping in 2019.

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Nanni Balestrini (1935-2019)

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Nanni Balestrini was born in Milan in 1935. Known both as an experimental writer of prose and verse and as a cultural and political activist, he played a leading role in avant-garde writing and publishing in the sixties. His involvement with the extra-parliamentary left in the seventies resulted in terrorism charges (of which he was subsequently acquitted) and a long period of self-imposed exile from Italy.

For a brief explosive period in the mid-1970s, the young and the unemployed of Italy’s cities joined the workers in an unexpectedly militant movement known simply as Autonomy (Autonomia). Its “politics of refusal” united its opponents behind draconian measures more severe than any seen since the war.

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