World Debt and P a r a l l e l U n i v e r s e

T h e e l e c t r o n i c display o f t h e A m e r i c a n n a t i o n a l d e b t i n T i m e s S q u a r e registers a n
a s t r o n o m i c a l figure o f s o m e t h o u s a n d s o f billions o f dollars, i n c r e a s i n g a t t h e s t a g g e r i n g rate of 2 0 , 0 0 0 dollars a s e c o n d . T h e e l e c t r o n i c display at B e a u b o u r g registers
the millions of seconds separating us from the year 2000. T h e one, representing
t i m e , falls steadily. T h e o t h e r , r e p r e s e n t i n g m o n e y , rises vertiginously. O n e is a
c o u n t d o w n t o z e r o s e c o n d . T h e o t h e r , b y c o n t r a s t , t e n d s t o w a r d s infinity. B o t h
i m p l y c a t a s t r o p h e , a t least i n t h e i m a g i n a r y register. I n t h e B e a u b o u r g case, t h e
c a t a s t r o p h e o f t h e e x h a u s t i o n o f t i m e ; i n t h e A m e r i c a n case, t h e c a t a s t r o p h e o f t h e
d e b t b e g i n n i n g t o g r o w e x p o n e n t i a l l y , b r i n g i n g a w o r l d financial crash i n its w a k e .
I n fact, this d e b t w i l l n e v e r b e p a i d off. N o d e b t w i l l ever b e p a i d off. T h e f i n a l
a c c o u n t i n g will n e v e r take place. I f o u r days are n u m b e r e d , a c c o u n t e d for, t h e
a b s e n t capital, for its p a r t , is b e y o n d a n y a c c o u n t i n g . If t h e U n i t e d States is already
i n v i r t u a l b r e a c h o f its o b l i g a t i o n s , this w i l l h a v e n o effects. T h e r e w i l l b e n o
J u d g e m e n t D a y for this v i r t u a l b a n k r u p t c y . O n e has m e r e l y t o e n t e r t h e e x p o n e n tial or virtual m o d e to be released from all responsibility, since t h e r e is no l o n g e r any
reference, a n y referential w o r l d to serve as m e a s u r e .

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T h i s d i s a p p e a r a n c e o f t h e referential u n i v e r s e i s a n entirely n e w s i t u a t i o n . W h e n
y o u c o n t e m p l a t e t h e e l e c t r o n i c display o n B r o a d w a y , y o u h a v e t h e i m p r e s s i o n o f
s o m e t h i n g t a k i n g off i n t o t h e s t r a t o s p h e r e ; t h e d e b t figure m i g h t b e t h e distance,
expressed in light years, of a galaxy m o v i n g away f r o m us in t h e c o s m o s , t h e escape
v e l o c i t y of a terrestrial satellite. A n d , i n d e e d , it is a satellite: t h e d e b t m o v e s on an
o r b i t t h a t i s e n t i r e l y its o w n , t h e o r b i t o f capital released f r o m a n y e c o n o m i c c o n t i n g e n c y , m o v i n g in a parallel u n i v e r s e , h a v i n g e s c a p e d , by its v e r y a c c e l e r a t i o n ,
f r o m a n y relapse i n t o t h e b a n a l u n i v e r s e o f p r o d u c t i o n , v a l u e a n d use. N o t e v e n a n
orbital universe, b u t a n exorbital, e x - c e n t r e d , e c c e n t r i c o n e . A n d t h e p r o b a b i l i t y o f
its e v e r r e - e n t e r i n g o u r w o r l d is faint i n d e e d .
T h i s i s w h y , f r o m this p o i n t o n , n o d e b t will b e p a i d off. I t c a n a t best b e
b o u g h t back at a k n o c k - d o w n price a n d p u t back on to a debt market the public
sector b o r r o w i n g requirement, the national debt, the w o r l d debt having o n c e
again b e c o m e a n e x c h a n g e v a l u e . I t i s u n l i k e l y t h e d e b t will e v e r b e called in, a n d
this is w h a t gives it its i n c a l c u l a b l e value. For, s u s p e n d e d as it is in this way, it is o u r
o n l y i n s u r a n c e against t i m e . U n l i k e t h e c o u n t d o w n , w h i c h signifies t h e e x h a u s t i o n
o f t i m e , t h e indefinitely d e f e r r e d d e b t i s o u r g u a r a n t e e t h a t t i m e itself i s i n e x h a u s t i b l e . N o w , w e v e r y m u c h n e e d a s s u r i n g a b o u t t i m e i n this w a y a t t h e v e r y
p o i n t w h e n t h e future itself i s t e n d i n g t o b e w h o l l y c o n s u m e d i n real t i m e . C l e a r i n g
t h e d e b t , b a l a n c i n g u p t h e b o o k s , w r i t i n g off T h i r d W o r l d d e b t t h e s e are t h i n g s
n o t e v e n t o b e c o n t e m p l a t e d . I t i s o n l y t h e d i s e q u i l i b r i u m o f t h e d e b t , its prolifera t i o n , its p r o m i s e o f infinity, w h i c h k e e p s u s g o i n g . T h e g l o b a l , p l a n e t a r y d e b t
clearly has n o m e a n i n g i n t r a d i t i o n a l t e r m s o f o b l i g a t i o n a n d credit. O n t h e o t h e r
h a n d , it is o u r t r u e collective claim on e a c h o t h e r a s y m b o l i c claim, by w h i c h p e r sons, c o m p a n i e s a n d n a t i o n s find t h e m s e l v e s b o u n d t o o n e a n o t h e r t h r o u g h lack.
E a c h i s b o u n d t o t h e o t h e r (even t h e b a n k s ) b y t h e i r v i r t u a l b a n k r u p t c y , a s a c c o m plices are b o u n d b y t h e i r c r i m e . All assured o f e x i s t i n g for e a c h o t h e r i n t h e s h a d e

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o f a d e b t w h i c h c a n n o t b e settled o r w r i t t e n off, since t h e r e p a y m e n t o f t h e a c c u m u l a t e d w o r l d d e b t w o u l d take far m o r e t h a n t h e funds available. T h e o n l y sense

of it, t h e n , is to b i n d all civilized h u m a n b e i n g s i n t o t h e s a m e d e s t i n y as c r e d i t o r s .
Just as n u c l e a r w e a p o n s , s t o c k p i l e d across t h e w o r l d to a p o i n t of c o n s i d e r a b l e p l a n e t a r y overkill, h a v e n o o t h e r m e a n i n g t h a n t o b i n d all h u m a n b e i n g s i n t o a single
destiny o f t h r e a t a n d d e t e r r e n c e .
O n e understands, then, w h y the Americans m a k e such a show of their debt. T h e
initiative is s u p p o s e d to s h a m e t h e State for its b a d m a n a g e m e n t a n d alert t h e citizens
t o a n i m m i n e n t collapse o f t h e finances a n d p u b l i c services. B u t t h e e x o r b i t a n t scale
of t h e figures robs t h e m of all m e a n i n g . It is, in fact, j u s t a massive advertising e x e r cise a n d , i n d e e d , t h e l u m i n o u s billboard l o o k s for all t h e w o r l d like a t r i u m p h a n t
stock m a r k e t i n d e x t h a t has b r o k e n all records. T h e p o p u l a t i o n c o n t e m p l a t e i t w i t h
t h e fascination t h e y m i g h t accord to a w o r l d r e c o r d ( t h o u g h few g a t h e r in front of t h e
B e a u b o u r g digital c l o c k t o see t h e r u n - i n t o t h e e n d o f t h e c e n t u r y ) . A t t h e same
t i m e , t h e p e o p l e are collectively i n t h e s a m e situation a s t h e T u p o l e v test pilot w h o
r i g h t u p t o t h e last s e c o n d c o u l d see his aircraft n o s e dive a n d crash i n t o t h e g r o u n d
o n his i n t e r n a l v i d e o circuit. D i d h e , b y s o m e l a s t - m i n u t e reflex, glance a t t h e i m a g e
as he died? He c o u l d have i m a g i n e d himself living o u t his last m o m e n t s in virtual reality. D i d t h e i m a g e survive t h e m a n if o n l y for a fraction of a s e c o n d ? Or was it t h e
o t h e r w a y a b o u t ? D o e s virtual reality survive t h e real world's catastrophic e n d ?
O u r real artificial satellites are t h e w o r l d d e b t , t h e speculative capital a n d t h e
n u c l e a r w a r h e a d s w h i c h girdle t h e e a r t h o n t h e i r orbital r o u n d . H a v i n g b e c o m e
p u r e artefacts - sidereally m o b i l e a n d instantly c o n v e r t i b l e - t h e y have at last f o u n d
their true place, m o r e extraordinary than t h e Stock E x c h a n g e , the banks and the
silos: t h e o r b i t o n w h i c h t h e y rise a n d set like artificial suns.
T h e latest of these exponentially g r o w i n g parallel universes is t h e w o r l d of t h e
I n t e r n e t a n d t h e global i n f o r m a t i o n systems. H e r e t o o , t h e irresistible g r o w t h , t h e o u t -

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g r o w t h o f i n f o r m a t i o n , c o u l d b e p o s t e d u p i n real t i m e i n t e r m s o f millions o f i n dividuals a n d millions of o p e r a t i o n s - that i n f o r m a t i o n n o w so extensive that it no

l o n g e r has any c o n n e c t i o n w i t h t h e acquisition o f k n o w l e d g e . A s o f now, w e can say
that this i m m e n s e p o t e n t i a l will n e v e r be r e d e e m e d , in t h e sense of a use or p u r p o s e
ever b e i n g f o u n d for it. T h i n g s here, t h e n , are exactly as they are w i t h debt: information is as inexpiable as debt, in t h e sense that we shall n e v e r be able to settle o u r a c c o u n t
w i t h it. M o r e o v e r , t h e storage o f data, t h e a c c u m u l a t i o n a n d w o r l d w i d e circulation o f
i n f o r m a t i o n , in every respect resemble t h e b u i l d - u p of an irremissible d e b t . A n d ,
h e r e again, as s o o n as this proliferating i n f o r m a t i o n far exceeds t h e needs a n d capacit i e s o f t h e individual a n d t h e species i n general, i t has n o o t h e r m e a n i n g t h a n t o b i n d
all h u m a n i t y in a single destiny of cerebral a u t o m a t i s m a n d m e n t a l u n d e r d e v e l o p m e n t .
F o r it is clear that, t h o u g h a certain dose of i n f o r m a t i o n reduces o u r i g n o r a n c e , a m a s sive dose of artificial intelligence can o n l y c o n v i n c e us of the failings of o u r natural
intelligence a n d p l u n g e u s d e e p e r i n t o t h e m . T h e w o r s t t h i n g i n a h u m a n b e i n g i s t o
k n o w t o o m u c h a n d n o t t o b e equal t o one's k n o w l e d g e . I t i s t h e same w i t h r e s p o n sibility a n d e m o t i o n a l capacity: t h e m e d i a , by perpetually assailing us w i t h violence,
m i s f o r t u n e a n d catastrophe, far from firing s o m e k i n d of collective solidarity, m e r e l y
d e m o n s t r a t e o u r real i m p o t e n c e a n d p l u n g e u s i n t o p a n i c and r e m o r s e .
All t h e s e parallel universes, c a u g h t i n a n a u t o n o m o u s , e x p o n e n t i a l logic, are t i m e
b o m b s . T h i s i s clear w i t h n u c l e a r p o w e r , b u t i t i s t h e case t o o w i t h d e b t a n d
speculative capital. T h e tiniest i r r u p t i o n o f t h e s e w o r l d s i n t o o u r o w n , t h e m e r e s t
i n t e r s e c t i o n o f t h e i r o r b i t w i t h o u r s w o u l d i m m e d i a t e l y smash t h e fragile e q u i l i b r i u m o f o u r t r a d e a n d o u r e c o n o m i e s . I t w o u l d (or will) b e t h e s a m e w i t h t h e total
l i b e r a t i o n o f i n f o r m a t i o n , m a k i n g u s free radicals d e s p e r a t e l y s e e k i n g t h e i r m o l ecules in a rarefied c y b e r s p a c e .
R e a s o n w o u l d d o u b t l e s s d i c t a t e t h a t w e r e i n t e g r a t e these w o r l d s i n t o o u r s , i n t o
a n h o m o g e n e o u s u n i v e r s e : t h a t a peaceful use b e f o u n d for n u c l e a r p o w e r , t h a t all
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debts be paid off, that speculative capital be reinvested in social wealth, and that the
whole of information become p a r t of knowledge. B u t this is no doubt a dangerous
Utopia. It would be better for these universes to remain parallel a n d for their s u s pended threat, their eccentricity, to protect us. Parallel and eccentric as t h e y are,
t h e y are nonetheless ours. We created t h e m like this, beyond our reach, as an
ersatz transcendence; we put them into orbit as a kind of catastrophic imaginary.
B u t perhaps this is all to the good. For, if t h e cohesion of our societies was in the
past maintained by the 'imaginary' of progress, it is maintained today by t h e ' i m aginary' of catastrophe.
15 January

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