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12. XII 2020
Thymos is that area of the soul where feelings of pride, indignation, and shame are located. It is the middle realm between reason and desire, the unreflective striving towards what is noble – the courage to be. (Paul Lee)
How do individual grievances become streamlined into a collective expression of dissidence, political opposition, and aggregate supply of discontent? This socio-affective landscape functions very much like a traditional banking system in which rage replaces money and becomes the main political currency. In Peter Sloterdijk’s highly original approach to the role of rage and thymos in political history, the starting point is the mapping between political systems of dissidence and financial markets. He adopts the framework of Niklas Luhmann’s systems theory , which allows a straightforward generalization, and extension of banking to the social and political context:
Economics defines a bank as a collection point for capital. The deposits of customers, which are fruitless monetary treasures when deposited, are transformed immediately into capital. They are invested in profit-oriented forms of business, which allows clients to partake in successful investments while protecting them whenever possible against disappointments. The banking system transforms the temporal profile of money through the transition from treasury (a mode of storage as a static configuration of accumulated presence aimed at the preservation of value) to its capital form (a dynamic mode of being, subject to constant externalization, constantly occupied with using itself, but never in full possession of itself) .
How rage becomes transactional
Political parties and movements define a non-monetary banking system where rage banks operate as collection points of affects; they facilitate transactions with the rage of others in the same way monetary banks operate with the money of their customers. They provide liaison between rage capacities and a desire for dignity. Their contract is based on a promise to their clients to disburse a return in the form of increased self-respect and a more powerful grasp of the future, provided the clients refrain from independent utilization of their rage. By doing this, they relieve their clients of the difficulty of having to take their own initiative, while nevertheless promising thymotic gains .
In the 20th century, such rage banks/political movements were (with one notable exception) invariably on the left. In the 21st century, however, rage has moved completely to the right or, more precisely, to the far right, which has taken upon itself the main rage-banking role. This has come about as a consequence of two factors: The left’s abdication of its traditional role and its compromised position after the collapse of the Soviet experiment, and the reign and subsequent decline of neoliberalism and its current legitimation crisis. These two processes have not been completely independent – their evolution has had a strong causal interplay after the new initial conditions had been set in 1968.
Neoliberalism and the disappearance of the Left
The migration of sponsorship of rage from the Left to the Right is a consequence of the spontaneous self-destruction of the neoliberal social system. Paraphrasing Zizek’s summary of this transition, the causality chain begins with neoliberalism as an ideology which disseminates market values to every segment of life. However, once one allows the market to impose its values and criteria, society has to be managed as an auxiliary to the market. The welfare state has to be dismantled and the economy deregulated. Identified with social statism, the Left finds itself without either a program, project or perspective. It is gradually absorbed (and dominated) by the center and is tolerated only when it can persuade labor movements to accept the need for liberalizing reforms. As a consequence, the main task of the Left is to convince lower classes to articulate their fury without disturbing the status quo and voting themselves into economic ruin. Hijacked by the center, the Left becomes an Uncle Tom of the labor movement. It is only the Left in name — a name that it merely continues to discredit .
Rage assets and rage economics
The American white underclass never forgave the Center/Left coalition, which in combination with the general trend of emancipation, allowed/enabled African Americans to climb the class ladder and disrupt what they (the white underclass) perceived as the “natural” hierarchy. This sowed the racist seed for what would become the culture war, in reality a class war in a displaced mode, tipping the scales from the Left to the Right, and outlining the contours of that transition.
After decades of labor’s disappointment with the faux Left and the Center, the Tea Party emerged as a genuine right-wing rage bank in the days following the peak of the global financial crisis in 2008. Conservative opinion outlets like Fox defined the cognitive coordinates of the right-wing narrative and became the epicenter of the outrage industry with Roger Ailes as the James Pierpont Morgan of rage banking.
Bundling grievances of the white underclass into rage assets has been the core of contemporary right-wing political alchemy — an analogue to the financialization of the economy. The first draft of this project was outlined in the aftermath of the Watergate scandal. After the Republican party was pronounced clinically dead in the post-Nixon years, Lee Atwater drafted the blueprint of its comeback with the right-to-life issue, which mobilized emotions that united evangelicals, rural Christians and the general white underclass under the same umbrella with financial elites and the wealthy. The continued persistence and functionality of this counterintuitive ideological stunt, this unique American experience that goes against all odds of logic and economics, has never ceased to astonish.
American white underclass has deposited its grievances into rage banks which converted them into rage assets: Right-to-life and general misogyny (both representing an actual maneuver to reduce the social influence of women), 2nd amendment hysteria, small government fetish, tax affliction and the obsession with dismantling the welfare state, Deep State paranoia, Birtherism, and the production of a wide spectrum of deniers (from Flatearthers and anti-maskers to vaccine-, evolution-, holocaust-, climate change, and election-deniers).
The main suppliers of rage remained the white underclass, excess population, and those, generally, left behind, while Libertarian think thanks, the NRA, evangelicals, special interest groups and right-wing liminal players acted as purveyors of discontent, rage asset managers, and strategic investors in rage markets.
Disinformation and conspiracy theory centers like Rush Limbaugh, Talk Radio, Breitbart, Info Wars, OAN, NewsMax, and Qanon became the centers of treasure against which rage assets have been printed and used as capital. They became the main innovators of structured rage finance and suppliers of rage volatility, rising as the shadow rage banking system while social media became platforms for day trading in rage transactions and a way to whip up emotions and create additional rage volatility. Fox and (on the local level) Sinclair remained the main nodes of this action, acting like credit unions or the Fannie Mae of rage.
Nationalism as the white collar crime of rage banking
The depth of Sloterdijk’s insight and the power of his framework become manifest when it comes to discussions of the emergence and effects of nationalism on the eve of WWI. During the late 19th century and until the beginning of the war, capitalism as a source of economic misery and political repression was the primary origin of the supply of discontent and raw rage. In that configuration, political alliances and parties of the left became collection points of dissidence, which organized the thymos of the disadvantaged .
As capitalism spread through the developed world and internationalized, the anticapitalist impulse could maintain the level of its enemy only if it reached the same supranational level as the enemy in terms of organization and operation. This insight led to the internationalist pathos, which persisted for all authentic parties of the left uninterrupted until 1914 .
All this came to a halt in August 1914 when it became clear that the collective grievances of the international proletariat had to be unwound and the underlying rage redirected toward national interests of individual warring countries. There were no longer any parties with any other mandate except for the national one. This sentiment and attitude was the obituary for transnational solidarity .
This was the major rage bank crisis. The rage deposits of the masses of internationally operating banking houses were now at the disposal of national political leaderships.
The emerging nationalism effectively represented a large-scale devaluation of rage assets and an embezzlement of rage banks. By withdrawing decades worth of accumulated quantities of rage and dissidence from the frontline against the capitalist order and making it available for the war between imperial nations, the leaders of the moderate workers movement committed a white-collar crime of unparalleled extent .
Arousing thymos of the abject: 21st century populism
Nationalism is the worship of the smell of our collective sh*t (Charles Simic)
In the 20th century, WWI was the catalyst of the large-scale devaluation of rage investments of the oppressed and excluded. Similarly, modern 21st century nationalism is, more than anything, an insurrection against the consolidation and internationalization of global aggregate rage. It is an ill-conceived, discoordinated struggle for the appropriation and misuse of the global underclass’s rage.
The core of the conflict of the Right Wing populism resides in the debasement and degeneration of American conservatism. The main idea behind the alignment of the two opposite ends of the social spectrum (the privileged and the excluded) with fundamentally incompatible interests under one umbrella consists of redirecting rage into cultural instead of class struggle.
As the world (and capitalism as the center of discontent production) has been getting increasingly more global, in an effort to cash in on the accumulation of global grievances and latent dissidence, populism, with largely nationalist platforms and pseudo-protectionist agenda, has felt the need to internationalize its movement.
However, while Right Wing populism was pacifying the growing white underclass and keeping the movement of the excluded small, it, at the same time, was laying the groundwork for the formation of the conditions that would unite and reaffirm the interests of the oligarchs of the world. This was its primary task. The Right Wing was simultaneously running both a revolution and a counterrevolution.
The ridiculous idea of internationalizing nationalism, which screams of self-contradiction, was meant to result in the incorporation of a world rage bank, like the International of the labor movement some 100 years ago.
Subordinated to national interests, and as a partial compromise to their global oligarchies as ideological sponsors, anti-global grievances have been converted into nationalist rage directed against immigrants, porous borders, and disrupted class hierarchies.
Given their inherent priorities, Right-Wing populist movements, in reality, have always harbored preparations for a betrayal of rage investments without a world war — they represent the beginning of a political pyramid scheme. The inner conflict of this dual mandate reached intolerable levels in the last decade creating a sociopolitical configuration, which demanded its resolution.
The internationalization of nationalism came out naturally as an inherently racist proposal. Considering simultaneously the heterogeneity and essential exclusivity of each individual nationalism that was awakened in developed (and some developing) economies, the only axis along which the project could take place is white racism. Ultimately, globalization has forced the resolution of the irreconcilable inner contradiction of bundling the underprivileged with the ultra-wealthy in a singular way — racism.
On a purely transactional level, the idea behind the meaningless (21st century) populist project has been the appropriation of rage capital betrayed by the left, which abandoned the real grievances of the white (male) precariat created by capitalist self-destruction and further reinforced by globalization, leading to structural job destruction due to the outsourcing and scaling down of manufacturing, the transition to more efficient energy sources, etc. This betrayed discontent was transposed into racist and misogynist rage assets leading to an establishment of new organs of collective grievance.
From the outset, the Right Wing platform of the capitalization of the rage of the oppressed, excluded, and forgotten has been loaded with self-sabotage. Bankrupt at inception, it could only be conceived as a part in a pyramid scheme of rage, not sustainable, able to last only as long as new members could be recruited.
Communism abhorred nationalism as the kryptonite of its cause, the toxic substance that paralyzed their defense abilities against capitalism. However, when the tables turned and communism imploded under its own weight and the baggage of its internal malfunctioning, the very same actors, those who remained in power and in leadership positions after the system’s rebranding from a pseudo-egalitarian dystopia to a state sponsored organized crime syndicate, became rabid nationalists. They quickly realized the mobilizing potential of identity politics and its essential role in the get-rich-quickly scheme.
This was yet another realization of the general rule: When the system exhausts itself, it turns to identity politics.
Some thirty years later, capitalism in the developed world is facing the same problems and challenges. Paraphrasing Sloterdijk’s account of the post-revolution era of Bolshevik’s reign and extrapolating it to the 21st century America, the paradox of freedom and equality for all had never been exaggerated more convincingly than during the accelerated phase of the attempted takeover by Right Wing populism: The alpha dogs of that deception achieved their plan to accumulate (almost) all of the power in their hands.
In the same way Soviet Communists had done so during the early post-revolution years a century ago, current turbo-capitalism continues to argue that in order to “save” the system of values and lifestyle of millions of Americans, one had to accept that a few thousand people would have to be sacrificed.
Throughout 2020, we were continuously reminded how hundreds of thousands have been sacrificed so that a few hundreds, and ultimately a few dozen, could stay in power and enjoy or even extend their privilege.
 Dirk Baecker, Womit handeln Banken?: Eine Untersuchung zur Risikoverarbeitung in der Wirtschaft, Suhrkamp (1991)
 Peter Sloterdijk, Rage and Time, Columbia University Press (2010). Although the book was published in its original, German, edition in 2006, it was difficult to shake of the feeling that the author didn’t really know what was about to happen in the subsequent decade.
 Slavoj Zizek, A Permanent Economic Emergency, New Left Review, 64, July/Aug 2010
 P. Sloterdijk, ibid..