Rocky Rococo
25th December 2011, 07:39
I've been inclined to be dismissive when I hear the present period compared to 1848. It just didn't seem likely to me that there could really be any substantive parallels.
Tonight I happened to start reading Marx on The Cloass Struggles in France, and almost immediately was confronted by some points by Marx that have me opening up to rethinking, that 1848 might in fact have eral bearing on our time. I'm not certain I'm changing my view, as I'm still working my way through the piece, but these points have me at least more open to reconsidering:
Owing to its financial straits, the July Monarchy was dependent from the beginning on the big bourgeoisie, and its dependence on the big bourgeoisie was the inexhaustible source of increasing financial straits. It was impossible to subordinate the administration of the state to the interests of national production without balancing the budget, without establishing a balance between state expenditures and revenues. And how was this balance to be established without limiting state expenditures – that is, without encroaching on interests which were so many props of the ruling system – and without redistributing taxes – that is, without shifting a considerable share of the burden of taxation onto the shoulders of the big bourgeoisie itself?
On the contrary, the faction of the bourgeoisie that ruled and legislated through the Chambers had a direct interest in the indebtedness of the state. The state deficit was really the main object of its speculation and the chief source of its enrichment. At the end of each year a new deficit. After the lapse of four or five years a new loan. And every new loan offered new opportunities to the finance aristocracy for defrauding the state, which was kept artificially on the verge of bankruptcy – it had to negotiate with the bankers under the most unfavorable conditions. Each new loan gave a further opportunity, that of plundering the public which invested its capital in state bonds by means of stock-exchange manipulations, the secrets of which the government and the majority in the Chambers were privy to. In general, the instability of state credit and the possession of state secrets gave the bankers and their associates in the Chambers and on the throne the possibility of evoking sudden, extraordinary fluctuations in the quotations of government securities, the result of which was always bound to be the ruin of a mass of smaller capitalists and the fabulously rapid enrichment of the big gamblers. As the state deficit was in the direct interest of the ruling faction of the bourgeoisie, it is clear why the extraordinary state expenditure in the last years of Louis Philippe's reign was far more than double the extraordinary state expenditure under Napoleon...
O
n the other hand, the smallest financial reform was wrecked through the influence of the bankers. For example, the postal reform. Rothschild protested. Was it permissible for the state to curtail sources of revenue out of which interest was to be paid on its ever increasing debt?
The July Monarchy was nothing other than a joint stock company for the exploitation of France's national wealth, whose dividends were divided among ministers, Chambers, 240,000 voters, and their adherents. Louis Philippe was the director of this company – Robert Macaire[65] (http://www.marxists.org/archive/marx/works/1850/class-struggles-france/notes.htm#n65) on the throne. Trade, industry, agriculture, shipping, the interests of the industrial bourgeoisie, were bound to be continually endangered and prejudiced under this system. Cheap government, governement à bon marché, was what it had inscribed on its banner in the July days.
Since the finance aristocracy made the laws, was at the head of the administration of the state, had command of all the organized public authorities, dominated public opinion through the actual state of affairs and through the press, the same prostitution, the same shameless cheating, the same mania to get rich was repeated in every sphere, from the court to the Café Borgne[2] (http://www.marxists.org/archive/marx/works/1850/class-struggles-france/ch01.htm#n2) to get rich not by production, but by pocketing the already available wealth of others, Clashing every moment with the bourgeois laws themselves, an unbridled assertion of unhealthy and dissolute appetites manifested itself, particularly at the top of bourgeois society – lusts wherein wealth derived from gambling naturally seeks its satisfaction, where pleasure becomes crapuleux [debauched], where money, filth, and blood commingle. The finance aristocracy, in its mode of acquisition as well as in its pleasures, is nothing but the rebirth of the lumpenproletariat on the heights of bourgeois society.
And the nonruling factions of the French bourgeoisie cried: Corruption! The people cried: À bas les grands voleurs! À bas les assassins! [Down with the big thieves! Down with the assassins!] when in 1847, on the most prominent stages of bourgeois society, the same scenes were publicly enacted that regularly lead the lumpenproletariat to brothels, to workhouses and lunatic asylums, to the bar of justice, to the dungeon, and to the scaffold.
The devastation of trade and industry caused by the economic epidemic made the autocracy of the finance aristocracy still more unbearable. Throughout the whole of France the bourgeois opposition agitated at banquets for an electoral reform which should win for it the majority in the Chambers and overthrow the Ministry of the Bourse. In Paris the industrial crisis had, moreover, the particular result of throwing a multitude of manufacturers and big traders, who under the existing circumstances could no longer do any business in the foreign market, onto the home market. They set up large establishments, the competition of which ruined the small épiciers [grocers] and boutiquiers [shopkeepers] en masse. Hence the innumerable bankruptcies among this section of the Paris bourgeoisie, and hence their revolutionary action in February.
So much for the people, what of the rulers, the government?
In order to allay the very suspicion that it would not or could not honor the obligations assumed by the monarchy, in order to build up confidence in the republic's bourgeois morality and capacity to pay, the Provisional Government took refuge in braggadocio as undignified as it was childish. In advance of the legal date of payment it paid out the interest on the 5-percent, 4 ½-percent and 4-percent bonds to the state creditors. The bourgeois aplomb, the self-assurance of the capitalists, suddenly awoke when they saw the anxious haste with which this government sought to buy their confidence.
The financial embarrassment of the Provisional Government was naturally not lessened by a theatrical stroke which robbed it of its stock of ready cash. The financial pinch could no longer be concealed and petty bourgeois, domestic servants, and workers had to pay for the pleasant surprise which had been prepared for the state creditors.
It was announced that no more money could be drawn on savings bank books for an amount of over a hundred francs. The sums deposited in the savings banks were confiscated and by decree transformed into an irredeemable state debt. This embittered the already hard-pressed petty bourgeois against the republic. Since he received state debt certificates in place of his savings bank books, he was forced to go to the Bourse in order to sell them and thus deliver himself directly into the hands of the Bourse jobbers against whom he had made the February Revolution.
All this does seem very familiar.
Tonight I happened to start reading Marx on The Cloass Struggles in France, and almost immediately was confronted by some points by Marx that have me opening up to rethinking, that 1848 might in fact have eral bearing on our time. I'm not certain I'm changing my view, as I'm still working my way through the piece, but these points have me at least more open to reconsidering:
Owing to its financial straits, the July Monarchy was dependent from the beginning on the big bourgeoisie, and its dependence on the big bourgeoisie was the inexhaustible source of increasing financial straits. It was impossible to subordinate the administration of the state to the interests of national production without balancing the budget, without establishing a balance between state expenditures and revenues. And how was this balance to be established without limiting state expenditures – that is, without encroaching on interests which were so many props of the ruling system – and without redistributing taxes – that is, without shifting a considerable share of the burden of taxation onto the shoulders of the big bourgeoisie itself?
On the contrary, the faction of the bourgeoisie that ruled and legislated through the Chambers had a direct interest in the indebtedness of the state. The state deficit was really the main object of its speculation and the chief source of its enrichment. At the end of each year a new deficit. After the lapse of four or five years a new loan. And every new loan offered new opportunities to the finance aristocracy for defrauding the state, which was kept artificially on the verge of bankruptcy – it had to negotiate with the bankers under the most unfavorable conditions. Each new loan gave a further opportunity, that of plundering the public which invested its capital in state bonds by means of stock-exchange manipulations, the secrets of which the government and the majority in the Chambers were privy to. In general, the instability of state credit and the possession of state secrets gave the bankers and their associates in the Chambers and on the throne the possibility of evoking sudden, extraordinary fluctuations in the quotations of government securities, the result of which was always bound to be the ruin of a mass of smaller capitalists and the fabulously rapid enrichment of the big gamblers. As the state deficit was in the direct interest of the ruling faction of the bourgeoisie, it is clear why the extraordinary state expenditure in the last years of Louis Philippe's reign was far more than double the extraordinary state expenditure under Napoleon...
O
n the other hand, the smallest financial reform was wrecked through the influence of the bankers. For example, the postal reform. Rothschild protested. Was it permissible for the state to curtail sources of revenue out of which interest was to be paid on its ever increasing debt?
The July Monarchy was nothing other than a joint stock company for the exploitation of France's national wealth, whose dividends were divided among ministers, Chambers, 240,000 voters, and their adherents. Louis Philippe was the director of this company – Robert Macaire[65] (http://www.marxists.org/archive/marx/works/1850/class-struggles-france/notes.htm#n65) on the throne. Trade, industry, agriculture, shipping, the interests of the industrial bourgeoisie, were bound to be continually endangered and prejudiced under this system. Cheap government, governement à bon marché, was what it had inscribed on its banner in the July days.
Since the finance aristocracy made the laws, was at the head of the administration of the state, had command of all the organized public authorities, dominated public opinion through the actual state of affairs and through the press, the same prostitution, the same shameless cheating, the same mania to get rich was repeated in every sphere, from the court to the Café Borgne[2] (http://www.marxists.org/archive/marx/works/1850/class-struggles-france/ch01.htm#n2) to get rich not by production, but by pocketing the already available wealth of others, Clashing every moment with the bourgeois laws themselves, an unbridled assertion of unhealthy and dissolute appetites manifested itself, particularly at the top of bourgeois society – lusts wherein wealth derived from gambling naturally seeks its satisfaction, where pleasure becomes crapuleux [debauched], where money, filth, and blood commingle. The finance aristocracy, in its mode of acquisition as well as in its pleasures, is nothing but the rebirth of the lumpenproletariat on the heights of bourgeois society.
And the nonruling factions of the French bourgeoisie cried: Corruption! The people cried: À bas les grands voleurs! À bas les assassins! [Down with the big thieves! Down with the assassins!] when in 1847, on the most prominent stages of bourgeois society, the same scenes were publicly enacted that regularly lead the lumpenproletariat to brothels, to workhouses and lunatic asylums, to the bar of justice, to the dungeon, and to the scaffold.
The devastation of trade and industry caused by the economic epidemic made the autocracy of the finance aristocracy still more unbearable. Throughout the whole of France the bourgeois opposition agitated at banquets for an electoral reform which should win for it the majority in the Chambers and overthrow the Ministry of the Bourse. In Paris the industrial crisis had, moreover, the particular result of throwing a multitude of manufacturers and big traders, who under the existing circumstances could no longer do any business in the foreign market, onto the home market. They set up large establishments, the competition of which ruined the small épiciers [grocers] and boutiquiers [shopkeepers] en masse. Hence the innumerable bankruptcies among this section of the Paris bourgeoisie, and hence their revolutionary action in February.
So much for the people, what of the rulers, the government?
In order to allay the very suspicion that it would not or could not honor the obligations assumed by the monarchy, in order to build up confidence in the republic's bourgeois morality and capacity to pay, the Provisional Government took refuge in braggadocio as undignified as it was childish. In advance of the legal date of payment it paid out the interest on the 5-percent, 4 ½-percent and 4-percent bonds to the state creditors. The bourgeois aplomb, the self-assurance of the capitalists, suddenly awoke when they saw the anxious haste with which this government sought to buy their confidence.
The financial embarrassment of the Provisional Government was naturally not lessened by a theatrical stroke which robbed it of its stock of ready cash. The financial pinch could no longer be concealed and petty bourgeois, domestic servants, and workers had to pay for the pleasant surprise which had been prepared for the state creditors.
It was announced that no more money could be drawn on savings bank books for an amount of over a hundred francs. The sums deposited in the savings banks were confiscated and by decree transformed into an irredeemable state debt. This embittered the already hard-pressed petty bourgeois against the republic. Since he received state debt certificates in place of his savings bank books, he was forced to go to the Bourse in order to sell them and thus deliver himself directly into the hands of the Bourse jobbers against whom he had made the February Revolution.
All this does seem very familiar.