Living in the Capitalists’ Casino

Photo by Emilio Labrador | CC BY 2.0

The stock market, for all of its seeming mystery, is more of an emotional barometer for the rich than a reflection of material production. Abstracted from the lived experiences of those it exploits, it reflects the jubilation and depression of the wealthy. On Monday, the Dow dropped 1,600 points the largest point decline in one day in history. The historic stock market dip was primarily caused by the news that wages had improved slightly for workers. You would think that rising wages would be something they investors would celebrate, justifying their long-time trickle-down promises. Instead, they panicked clutching their pocketbooks. Why? Because the capitalists know the logic of the game: suppress wages, make profit. Despite the claims of wonks and centrists in the capitalist’s casino, when we win, they lose.

In one day, all of the Dow’s gains from 2018 disappeared. The NASDAQ did not fare much better. The VIX rate, which monitors market volatility, jumped 17 points. For comparison, the VIX rate only jumped 10 points after the Brexit shock. It is unclear whether or not the drop will reverberate into other markets, but the negative reaction of the market to slightly improved conditions for workers is worrying enough.

One of the largest fears of investors is that increased wages mean that the Federal Reserve will likely raise the rates it charges banks for loans. This crash is an excellent example of the fact that the American…

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