Wall Street under seige?

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The Occu­py Wall Street cam­paign is now in its 17th day–making it eas­i­ly the longest polit­i­cal protest of the Glob­al Finan­cial Cri­sis. Unfor­tu­nate­ly, even I was­n’t aware of it when I was in New York two weeks ago, a few days after it start­ed, since it received very lit­tle cov­er­age from the media pri­or to the arrest of about 700 pro­test­ers on the Brook­lyn Bridge.

Now it’s entrenched, and grow­ing. What­ev­er its ulti­mate out­come, it is an impor­tant event in this cri­sis, as the first glim­mer of a pop­u­lar revolt against the Ponzi cul­ture of Wall Street.

It was ini­ti­at­ed by the remark­able mag­a­zine AdBusters, which for almost a decade now has turned the prac­tices of adver­tis­ing against adver­tis­ing. It would have to be the most visu­al­ly pow­er­ful, image-laden mag­a­zine on the stands today–and at the same time it is sub­ver­sive of adver­tis­ing itself. Hav­ing made a splash in the print media, Adbusters has now shown that it can use the new social media to dra­mat­ic effect as well.

I’m not going to make any prog­nos­ti­ca­tions on how this might pan out, but it is curi­ous that Wall Street is now sur­round­ed on the out­side, as it implodes on the inside.

Check out the Adbusters page on Occu­py­Wall­Street.

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About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.