The Prime Minister is trying to increase the influence of the politics of shameless surrender in front of the power of capital. His speech after the results in five states indicates that.
This has been said in the editorial of the current issue of ‘People’s Democracy’.
Financialisation of Criminal Justice
ON the heels of the results of five assembly elections, Narendra Modi was overjoyed in celebration. He aggressively asserted that “this is not just an electoral shift, but a change in the people’s mindset”. Since the LDF had lost Kerala and BJP climbed to office in West Bengal, this was the moment for ideological consolidation of this electoral ascendency.
Equally, Modi has a lurking concern. It stems from his ideological well spring, Rashtriya Swayamsevak Sangh and its most influential theoretician Golwalkar. Golwalkar was unambiguous in identifying communists as a principal adversary. That the ideological foundation enables the Communists with the capacity to comprehend inherent fascistic impulses and pro capital inclinations and therefore arms them with the understanding to rally the broadest possible resistance is part of the RSS institutional memory. Therefore, this post poll euphoria is understandable.
Marx’s insights about the dynamics of capital, contrary to current generation neoliberals, have proved to be timeless in unraveling the playbook of Capital. Concluding his chapter on the genesis of industrial capital in Capital, he stated: ‘Capital comes dripping from head to foot, from every pore, with blood and dirt’. He buttresses this with a quote, in a footnote, from a worker and trade union leader (Marx consciously drew on the writings and experience of workers to validate his analysis) T.J. Dunning: ‘With adequate profit, capital is very bold. A certain 10 per cent will ensure its employment anywhere; 20 per cent will produce eagerness; 50 per cent, positive audacity; 100 per cent will make it ready to trample on all human laws; 300 per cent and there is not a crime at which it will scruple, nor a risk it will run, even to the chance of its owner being hanged’.
But, beyond initial features of industrial capital in the early days, the propensity of capital towards criminality has been a running feature. This became apparent in the early days of globalisation. The sharp spurt in the crude oil prices initiated by the OPEC countries formed the background of hegemony of Finance Capital and its consolidation on a global scale in the form of International Finance Capital. Since US created the process of Financialisation of physical commodities, it managed to stave off the impact of OPEC initiated hike of crude oil prices. The acceptance of such financialisation and enmeshing it with and exchange for financial and other services signaled the onset of imperialism-led neoliberal globalisation. In this period of transition CIA and other US agencies recruited bright young people who were trained to work for international financial institutions and also as consultants with some of the OPEC nations and other developing nations.
Recounting the experience of these foot soldiers who were responsible for manipulation of the economic order and establishing the hegemony of finance capital to undermine sovereign economic powers, John Perkins put together almost a thriller like account called ‘The Confessions of an Economic Hit Man’. It is here that Perkins described this new order as corporatocracy which in effect was the euphemism for international finance capital driven neoliberal globalisation.
The latest episode of the nature of this regime has come to light involving the most notable of cronies of Narendra Modi – Gautam Adani and his closest associates. The charges that were slapped by the US Justice Department against the Adani group are now being dropped. While the Justice Department is planning to drop the charges altogether, the circumstances are proving to be a brazen instance of financialisation of criminal justice
The reversal came after the Indian billionaire, Gautam Adani, hired a new legal team led by Robert J. Giuffra Jr., one of President Trump’s personal lawyers. New York Times reported that Giuffra’s efforts on Mr. Adani’s behalf culminated in a previously unreported meeting last month at the Justice Department’s headquarters in Washington, according to people familiar with the meeting. Giuffra ticked through about 100 slides outlining why prosecutors lacked basic evidence, as well as the jurisdiction even to bring the case.
Another slide made an unusual offer: if prosecutors dropped the charges, Adani would be willing to invest $10 billion in the US economy and create 15,000 jobs, echoing a pledge he had made in the wake of Mr. Trump’s election.
In the same meeting, Giuffra sought to resolve a parallel civil case against Adani brought by the Securities and Exchange Commission, as well as a separate investigation by the Treasury Department. The SEC announced its settlement with Adani; the Treasury Department could unveil its own deal in coming days.
Although prosecutors later told Giuffra that the $10 billion investment would play no role in the resolution of the criminal case, his offer received a favourable response from at least one senior Justice Department official at the meeting, according to the people familiar with the meeting.
The proposal — which Mr. Trump could have held up as a political and economic win — underscores the highly transactional approach to justice in Mr. Trump’s second term. But for us Indians what is no less important is the fact that the Prime Minister’s most formidable ally buys justice in US. This is at a point of time when Modi is advising us Indian citizens to practice austerity, Adani would make a liberal investment of $10 billion to create 15,000 jobs in US. Has anyone heard any protest from the PM over this blatant denial of his advice on austerity to save foreign exchange? It does not require rocket science to understand what kind of change of mindset the Prime Minister hopes to see materialise. He is talking of servile submission to this unabashed rule of capital where criminal justice can be financialised and transacted. Government itself has initiated the Jan Viswas legislation where criminal violations will be trivialised. There is no religious sentiment involved in this. It is a pure and simple story of capital and facilitation of profit. Much as Modi may celebrate, Marx with his profound insight will continue to be around, alive and kicking.
In this context, the topic of the Adani case in America has been raised in the editorial.
It has been said that the violence of capital and the race for free profit also affects the judiciary. The same has happened in the case of Adani’s acquittal in the fraud case filed in America.
Prime Minister Narendra Modi gave a speech after the results of the five states were declared. The BJP got the opportunity to form the government for the first time in West Bengal. The Communist Party-led alliance lost in Kerala. Modi said, “This verdict is not just an electoral change, but a change in the attitude of the people.” Modi’s comments were quoted in this editorial of the CPI(M) Central Committee’s weekly mouthpiece.
In the middle of this month, it was leaked in the American media that Gautam Adani, a close associate of Narendra Modi, was exempted from a fraud case filed in the country due to his influence. The exemption was obtained in exchange for a promise to invest $10 billion and create 15,000 jobs. Adani was provided legal assistance by Robert J. Giuffre Jr., the personal lawyer of US President Donald Trump. Giuffre met with top officials at the Justice Department headquarters in Washington in April. A secret understanding was reached in exchange for money. The case was dropped by the Ministry of Justice and the SEC.
In November 2024, the US Department of Justice and the Securities and Exchange Commission filed a case against the Adani Group. It is said that the Adani Group’s ‘Adani Green Energy’ raised a large amount of capital from the US stock market for solar power projects in India. About $ 250 million in bribes were paid to officials of the electricity boards of several states.
An agreement has been reached to buy Adani’s electricity in exchange for additional money. As a result, the future of the shares is shaky. That is why a case of fraud and American investors was filed against Gautam Adani and Sagar Adani.
The editorial of People’s Democracy reminds us of that issue.
The editorial reminds us that former RSS chief MS Golwalkar had identified communists as enemies. The editorial says that communists can understand fascist tendencies. They can take to the streets by making the working class aware against the unbridled plunder of capital and the dominance of profit. That is why the RSS sees danger in communists.
The editorial explains that Karl Marx has analyzed this character in his incomparable work ‘Capital’. He has made clear the plundering and totalitarian character of capital. That character is even clearer during the dominance of investment capital. Therefore, communists are able to understand the character of plunder. It is said that no matter how much Modi rejoices, the effort to resist the dominance of capital using the infallible analysis of Marxism will continue.
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