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Call it a load of old bull

Bad banks, troubled assets and securitised loans – such linguistic tricks just add to the madness of

Euphemisms, by their nature, are supposed to plaster over unpleasant truths. In my adopted home town of New Orleans, a city known for its straight talking, the estate agents have lately taken to renaming the little residen­ces at the backs of main houses - long known by their truthful name, "slave quarters" - as "dependency units". The mind rebels.

I always thought of the economic and financial worlds as similarly resistant to euphemising. We had bulls and bears, of course, but those were metaphorical caricatures of real attitudes. Most of the jargon of the money world was, if anything, mind-numbingly literal: puts and calls, debentures and debt. But that all changed during the recent madness, a madness that may have been exacerbated by the looseness of the language.

This was a time, after all, when financial services began to be called "products". Conventional thinking would suggest that if I lend you money I haven't given you a product; I've afforded you (temporarily) the means to purchase products or services. But that was the term financial firms, insurance companies and banks started to use to refer to what they were offering.

Did it make people in these enterprises feel more muscular, less nurturing? Was it a linguistic farewell wave to a manufacturing economy, disappearing just as finance took centre stage? Seemingly innocuous, this change naturally led, as it did in the world of actual products, to an important next step: product innovation. Loans are loans, but a loan product seems awfully lonely up there on the shelf, all by itself. It needed some friends, some fellow products. Some friends.

Enter Ninas, home loans that required from their prospective borrowers "no income, no assets". Like the other loan "products", they had something in common with their manufactured brethren: once sold, they left the purview of their sellers. As with products, future responsibility for them was farmed out to someone else, preferably in Bangalore. Calling these things products made it possible, maybe even mandatory, to treat them as such. The only "service" left in the equation was the "servicing" of the loans, which itself was a euphemism for collecting.

Calling these loans Ninas feminised them, made them seem cute, charming, a little naughty, perhaps, but not criminal. Just as referring to the whole class of loans as "sub-prime" avoided the unpleasantness of the reality that they were junk. It's like describing someone on his deathbed as "sub-well".

When things started going bad, the language started getting even cuter. A year ago, we were told that the main cause of the crisis was the crushing burden of "toxic assets" - home mortgages lent to borrowers who could afford to pay them off just as soon as pigs filed flight plans. That's why three-quarters of a trillion dollars went from the US treasury into the Troubled Assets Relief Programme, or TARP (reassuring, isn't it? A safe plastic covering, in capital letters), supposedly to get these toxic assets off the books of the banks. In fact, entirely something else happened with the money, and with the language. While the federal funds became a simple cash infusion into favoured banks, the word "toxic" was nudged aside in favour of "troubled". Really. The assets were now to be seen as delinquent youths, their faces smudged with dirt, their clothes tattered but their souls still full of potential. It wasn't really their fault. They didn't need to be wiped off the books, just . . . understood.

Where were those assets supposed to go? Many officials proposed the notion of a "bad bank". Again, just a miscreant, like the dog that poops on the living-room carpet. Bad bank! Sit over there in a corner and think about those stinky mortgages you're collecting! It's a rolled-up newspaper to your noggin if you try it again. Of course, the main thrust of this particular euphemistic gambit was a brave attempt to convince us that there was, by contrast, such a thing as a good bank. Nice try.

When you want your euphemising to be particularly opaque, you go French. Hence, "tranche". Look it up and the dictionary will tell you it means "slice", but that sounds like something that's done in a delicatessen, parcelling out thin portions of pastrami to the waiting rye bread. That's not what sophisticated gents (and ladies) in bespoke suitings do inside Important Offices. The desired effect of tranche was to induce a tranche-like state, in which investors would come to assume that the people slicing up pieces of bad mortgages actually knew what they were doing.

This leads us to "securitising", which is to securing as "believitising" is to believing. In fact, believitising would be the creation of exactly the level of credulity this stuff called for; unfortunately, nobody bothered to coin that word until just now. The essence of securitising was persuading the financial ratings companies, by means as yet unknown, that a collection of slices of crappy mortgages (or a slice of a collection, take your pick) could be an AAA-grade investment. Those letters are themselves a kind of linguistic shorthand, as what they're really saying is: "Of course, this posits a new scale on which, if securitised mortgage packages are AAA, a truly secure investment would be ratedAAAAAAAAAAAAAAAAAAAAA+++." That is, it would be ratingised.

When the market tumbled a year ago, there was an uptick within a few weeks. That started a discussion about whether or not this was a "dead cat bounce", the short-lived surge upward before the destined plummeting resumes. When I first heard the phrase, I thought it was the name of a particularly inelegantly titled 1940s dance tune. But no, it's an example of financial malphemism, in which a mere reversal of market direction is depicted as an act of cruelty to animals - the dropping of an expired (or soon-to-be-expired) feline for the purpose of measuring gravity's effect on its air-worthiness. The deliberate crudity of the phrase probably reflects its origins among short-sellers and their contempt for any sign of hope.

Which brings us to the pedlars of positive thinking, among whom "green shoots" have contended with "glimmers of hope" as the optimistic usage of choice. "Green shoots" implies an organic process of growth, outside human control, but dependent on the season. "Glimmers" are more promising, requiring neither a green thumb nor the right time of year to make their appearance. This phrase has been a par­ticular favourite of the US treasury secretary, Timothy Geithner. Visualising these glimmers became for him almost an evangelical enterprise. Were they just an aurora geithnerealis, or were they signs of a true recovery? Don't ask, brothers and sisters, just believe.

And then there is the word tossed around blithely by CEOs and financial journalists alike, designed to drain all the dread out of one of the most frightening consequences of economic slowdown. That word is "shed" - not as in the little building out back where you keep your tools, but as in what prudent companies do to jobs. We've not been experiencing the widespread throwing of people out of work recently, just the shedding of jobs.
The word makes the process sound all National Geographic, like what snakes do with their skins every whenever. But its progress has not yet led it to the scene of the actual transaction: "Bill, we value your contribution to the company over the years. I'm sorry, but we're going to have to shed you." No, "let you go" still is the go-to euphemism. Which raises the question: "But what if I don't want to go?" We're still letting you do it.

Contemplating these linguistic tricks inspired me. I have written songs around them, including "Bad Bank", "Troubled Assets", "Dead Cat Bounce" and "Glimmers of Hope". They appear online as part of a collection of compositions about the meltdown, named after the two contending forces in stock markets: Greed and Fear. It was an act not so much of composing, frankly, as of songitising.

Harry Shearer plays more than 12 characters in "The Simpsons" and was Derek Smalls in "This is Spinal Tap". For more information, visit his website.

This article first appeared in the 07 December 2009 issue of the New Statesman, Boy George

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We need to talk about the online radicalisation of young, white women

Alt-right women are less visible than their tiki torch-carrying male counterparts - but they still exist. 

In November 2016, the writer and TED speaker Siyanda Mohutsiwa tweeted a ground-breaking observation. “When we talk about online radicalisation we always talk about Muslims. But the radicalisation of white men online is at astronomical levels,” she wrote, inspiring a series of mainstream articles on the topic (“We need to talk about the online radicalisation of young, white men,” wrote Abi Wilkinson in The Guardian). It is now commonly accepted that online radicalisation is not limited to the work of Isis, which uses social media to spread propaganda and recruit new members. Young, white men frequently form alt-right and neo-Nazi beliefs online.

But this narrative, too, is missing something. When it comes to online radicalisation into extreme right-wing, white supremacist, or racist views, women are far from immune.

“It’s a really slow process to be brainwashed really,” says Alexandra*, a 22-year-old former-racist who adopted extreme views during the United States presidential election of 2016. In particular, she believed white people to be more intelligent than people of colour. “It definitely felt like being indoctrinated into a cult.”

Alexandra was “indoctrinated” on 4Chan, the imageboard site where openly racist views flourish, especially on boards such as /pol/. It is a common misconception that 4Chan is only used by loser, basement-dwelling men. In actuality, 4Chan’s official figures acknowledge 30 percent of its users are female. More women may frequent 4Chan and /pol/ than it first appears, as many do not announce their gender on the site because of its “Tits or GTFO” culture. Even when women do reveal themselves, they are often believed to be men who are lying for attention.

“There are actually a lot of females on 4chan, they just don't really say. Most of the time it just isn't relevant,” says Alexandra. Her experiences on the site are similar to male users who are radicalised by /pol/’s far-right rhetoric. “They sowed the seeds of doubt with memes,” she laughs apprehensively. “Dumb memes and stuff and jokes…

“[Then] I was shown really bullshit studies that stated that some races were inferior to others like… I know now that that’s bogus science, it was bad statistics, but I never bothered to actually look into the truth myself, I just believed what was told to me.”

To be clear, online alt-right radicalisation still skews majority male (and men make up most of the extreme far-right, though women have always played a role in white supremacist movements). The alt-right frequently recruits from misogynistic forums where they prey on sexually-frustrated males and feed them increasingly extreme beliefs. But Alexandra’s story reveals that more women are part of radical right-wing online spaces than might first be apparent.

“You’d think that it would never happen to you, that you would never hold such horrible views," says Alexandra. "But it just happened really slowly and I didn't even notice it until too late."

***

We are less inclined to talk about radical alt-right and neo-Nazi women because they are less inclined to carry out radical acts. Photographs that emerged from the white nationalist rally in Charlottesville this weekend revealed that it was mostly polo shirt-wearing young, white men picking up tiki torches, shouting racial slurs, and fighting with counter-protestors. The white supremacist and alt-right terror attacks of the last year have also been committed by men, not women. But just because women aren’t as visible doesn’t mean they are not culpable.  

“Even when people are alt-right or sympathisers with Isis, it’s a tiny percentage of people who are willing or eager to die for those reasons and those people typically have significant personal problems and mental health issues, or suicidal motives,” explains Adam Lankford, author of The Myth of Martyrdom: What Really Drives Suicide Bombers, Rampage Shooters, and Other Self-Destructive Killers.

“Both men and women can play a huge role in terms of shaping the radicalised rhetoric that then influences those rare people who commit a crime.”

Prominent alt-right women often publicly admit that their role is more behind-the-scenes. Ayla Stewart runs the blog Wife With a Purpose, where she writes about “white culture” and traditional values. She was scheduled to speak at the Charlottesville “Unite the Right” rally before dropping out due to safety concerns. In a blog post entitled “#Charlottesville May Have Redefined Women’s Roles in the Alt Right”, she writes:

“I’ve decided that the growth of the movement has necessitated that I pick and choose my involvement as a woman more carefully and that I’m more mindful to chose [sic] women’s roles only.”

These roles include public speaking (only when her husband is present), gaining medical skills, and “listening to our men” in order to provide moral support. Stewart declined to be interviewed for this piece.

It is clear, therefore, that alt-right women do not have to carry out violence to be radical or radicalised. In some cases, they are complicit in the violence that does occur. Lankford gives the example of the Camp Chapman attack, committed by a male Jordanian suicide bomber against a CIA base in Afghanistan.

“What the research suggests in that case was the guy who ultimately committed the suicide bombing may have been less radical than his wife,” he explains. “His wife was actually pushing him to be more radical and shaming him for his lack of courage.” 

***

Just because women are less likely to be violent doesn’t mean they are incapable of it.

Angela King is a former neo-Nazi who went to prison for her part in the armed robbery and assault of a Jewish shop owner. She now runs Life After Hate, a non-profit that aims to help former right-wing extremists. While part of a skinhead gang, it was her job to recruit other women to the cause.

“I was well known for the violence I was willing to inflict on others… often times the men would come up to me and say we don’t want to physically hurt a woman so can you take care of this,” King explains. “When I brought other women in I looked for the same qualities in them that I thought I had in myself.”

King's 1999 mugshot

 

These traits, King explains, were anger and a previous history of violence. She was 15 when she became involved with neo-Nazis, and explains that struggles with her sexuality and bullying had made her into a violent teenager.

“I was bullied verbally for years. I didn't fit in, I was socially awkward,” she says. One incident in particular stands out. Aged 12, King was physically bullied for the first time.

“I was humiliated in a way that even today I still am humiliated by this experience,” she says. One day, King made the mistake of sitting at a desk that “belonged” to a bully. “She started a fight with me in front of the entire class… I’ve always struggled with weight so I was a little bit pudgy, I had my little training bra on, and during the fight she ripped my shirt open in front of the entire class.

“At that age, having absolutely no self-confidence, I made the decision that if I became the bully, and took her place, I could never be humiliated like that again.”

Angela King, aged 18

King’s story is important because when it comes to online radicalisation, the cliché is that bullied, “loser” men are drawn to these alt-right and neo-Nazi communities. The most prominent women in the far-right (such as Stewart, and Lauren Southern, a YouTuber) are traditionally attractive and successful, with long blonde hair and flashing smiles. In actuality, women that are drawn to the movement online might be struggling, like King, to be socially accepted. This in no way justifies or excuses extreme behaviour, but can go some way to explaining how and why certain young women are radicalised. 

“At the age of 15 I had been bullied, raped. I had started down a negative path you know, experimenting with drugs, drinking, theft. And I was dealing with what I would call an acute identity crisis and essentially I was a very, very angry young woman who was socially awkward who did not feel like I had a place in the world, that I fit in anywhere. And I had no self-confidence or self-esteem. I hated everything about myself.”

King explains that Life After Hate’s research reveals that there are often non-ideological based precursors that lead people to far right groups. “Individuals don’t go to hate groups because they already hate everyone, they go seeking something. They go to fill some type of void in their lives that they’re not getting.”

None of this, of course, excuses the actions and beliefs of far-right extremists, but it does go some way to explaining how “normal” young people can be radicalised online. I ask Alexandra, the former 4Chan racist, if anything else was going on in her life when she was drawn towards extreme beliefs.

“Yes, I was lonely,” she admits.                                                       

***

That lonely men and women can both be radicalised in the insidious corners of the internet shouldn’t be surprising. For years, Isis has recruited vulnerable young women online, with children as young as 15 becoming "jihadi brides". We have now acknowledged that the cliché of virginal, spotty men being driven to far-right hate excludes the college-educated, clean-cut white men who made up much of the Unite the Right rally last weekend. We now must realise that right-wing women, too, are radicalised online, and they, too, are culpable for radical acts.  

It is often assumed that extremist women are radicalised by their husbands or fathers, which is aided by statements by far-right women themselves. The YouTuber, Southern, for example, once said:  

“Anytime they [the left] talk about the alt-right, they make it sound like it’s just about a bunch of guys in basements. They don’t mention that these guys have wives – supportive wives, who go to these meet-ups and these conferences – who are there – so I think it’s great for right-wing women to show themselves. We are here. You’re wrong.”

Although there is truth in this statement, women don’t have to have far-right husbands, brothers, or fathers in order to be drawn to white supremacist or alt-right movements. Although it doesn’t seem the alt-right are actively preying on young white women the same way they prey on young white men, many women are involved in online spaces that we wrongly assume are male-only. There are other spaces, such as Reddit's r/Hawtschwitz, where neo-Nazi women upload nude and naked selfies, carving a specific space for themselves in the online far-right. 

When we speak of women radicalised by husbands and fathers, we misallocate blame. Alexandra deeply regrets her choices, but she accepts they were her own. “I’m not going to deny that what I did was bad because I have to take responsibility for my actions,” she says.

Alexandra, who was “historically left-wing”, was first drawn to 4Chan when she became frustrated with the “self-righteousness” of the website Tumblr, favoured by liberal teens. Although she frequented the site's board for talking about anime, /a/, not /pol/, she found neo-Nazi and white supremacist beliefs were spread there too. 

“I was just like really fed up with the far left,” she says, “There was a lot of stuff I didn't like, like blaming males for everything.” From this, Alexandra became anti-feminist and this is how she was incrementally exposed to anti-Semitic and racist beliefs. This parallels the story of many radicalised males on 4Chan, who turn to the site from hatred of feminists or indeed, all women. 

 “What I was doing was racist, like I – deep down I didn't really fully believe it in my heart, but the seeds of doubt were sowed again and it was a way to fit in. Like, if you don't regurgitate their opinions exactly they’ll just bully you and run you off.”

King’s life changed in prison, where Jamaican inmates befriended her and she was forced to reassess her worldview. Alexandra now considers herself “basically” free from prejudices, but says trying to rid herself of extreme beliefs is like “detoxing from drugs”. She began questioning 4Chan when she first realised that they genuinely wanted Donald Trump to become president. “I thought that supporting Trump was just a dumb meme on the internet,” she says.

Nowadays, King dedicates her life to helping young people escape from far-right extremism. "Those of us who were involved a few decades ago we did not have this type of technology, cell phones were not the slim white phones we have today, they were giant boxes," she says. "With the younger individuals who contact us who grew up with this technology, we're definitely seeing people who initially stumbled across the violent far-right online and the same holds for men and women.

"Instead of having to be out in public in a giant rally or Klan meeting, individuals find hate online."

* Name has been changed

Amelia Tait is a technology and digital culture writer at the New Statesman.

This article first appeared in the 07 December 2009 issue of the New Statesman, Boy George