Writing on the Wall by Vijay Prashad

"One of the most difficult elements of advanced capitalism and modern society is that it is hard to identify the culprit for one's sorrows. In feudal days, there was always the baron's castle or the moneylender's office; they could be located, and the peasantry could convert their agricultural implements into weapons as they rushed to these sites. No such ease in our times.

"Abstract social domination makes it harder to point precisely to the cause of one's distress. Banks often stand in for the problem, being the front lines of financial capital – it is banks, after all, that foreclose on houses and deny credit. But the banks are only a cog in a complex system that is built upon the simple premise that only a few people are able to wield power and property for their betterment, whereas the vast mass of people have only the illusion of property and the hopes for power."

"The banks stand in for the system in general."

"Events in the U.S. are linked closely to the convulsions in the rim of southern Europe, from Greece to Spain via Italy. The root cause of the older crisis and the more recent one is the same, as pointed out by the Greek economist Yanis Varoufakis in his new book, The Global Minotaur: The True Origins of the Financial Crisis and the Future of the World Economy (2011): it has to do with the failure of the world economic system to have a surplus recycling mechanism that would redistribute accumulated surpluses across the world."

"Rather than have such a mechanism, the mandarins of the world order in the 1970s and 1980s preferred to allow vast surpluses to get sucked into the world of finance (with New York's Wall Street as its centre). This institutional failure was the cause of the new culture of greed (and not the other way around). That the political class in the Atlantic world prefers to see the solution in austerity policies against the ordinary people rather than in terms of institutional failures (let alone the system's failure) demonstrates the vacuity of its leadership. Since it offers no new political and economic project to earn the trust of the population, it must resort to the baton."

"The baton offers no solutions. The writing for the Street is on the wall."