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With No Future Visible, Young Activists Have Few Options but to "Occupy Wall Street"

Is it really surprising that young protesters on Wall Street and around the world would like to have a word with the financial magnates who stole their future?

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The form of resistance that has emerged looks remarkably similar to the old global justice movement, too: we see the rejection of old-fashioned party politics, the same embrace of radical diversity, the same emphasis on inventing new forms of democracy from below. What's different is largely the target: where in 2000, it was directed at the power of unprecedented new planetary bureaucracies (the WTO, IMF, World Bank, Nafta), institutions with no democratic accountability, which existed only to serve the interests of transnational capital; now, it is at the entire political classes of countries like Greece, Spain and, now, the US – for exactly the same reason. This is why protesters are often hesitant even to issue formal demands, since that might imply recognising the legitimacy of the politicians against whom they are ranged.

When the history is finally written, though, it's likely all of this tumult – beginning with the Arab Spring – will be remembered as the opening salvo in a wave of negotiations over the dissolution of the American Empire. Thirty years of relentless prioritising of propaganda over substance, and snuffing out anything that might look like a political basis for opposition, might make the prospects for the young protesters look bleak; and it's clear that the rich are determined to seize as large a share of the spoils as remain, tossing a whole generation of young people to the wolves in order to do so. But history is not on their side.

We might do well to consider the collapse of the European colonial empires. It certainly did not lead to the rich successfully grabbing all the cookies, but to the creation of the modern welfare state. We don't know precisely what will come out of this round. But if the occupiers finally manage to break the 30-year stranglehold that has been placed on the human imagination, as in those first weeks after September 2008, everything will once again be on the table – and the occupiers of Wall Street and other cities around the US will have done us the greatest favour anyone possibly can.