So that is an important new development arising out of neoliberal thinking - the financialisation of national balance sheets.
But it seems way distance from any biopolitics or bodily precariousness. You haven't actually drawn a connection I can see.
...I agree that neoliberalism is about turning everything that composes life into a tradable commodity. — apokrisis
But the argument is not so much that life itself becomes a commodity but that it has been co-opted into circuits of speculative finance. It's the
form of commodification that matters - in this case a matter of financialization and not 'merely' commodification. The key distinction is that of temporal orientation: unlike a commodity, the value of a patented cell line (for example) is not so much it's exchange value - what it can be bought and sold for according to the law of supply and demand - but the
promise it holds for future innovation. Life itself attracts finance and becomes generative of surplus by it's mere fact of existence. And while life becomes financialized, what is commodified is not life, but it's
promise. What is traded are promises.
The crux of it is that
this is exactly the same commodity form as debt. Debt too is now available for financialization in the form of the promise, and in both cases, the promise is
self-generative of surplus. Here's Cooper: "What comes to light here is the violence of the debt form and the flipside of the promise—if it is to actualize at all, capital's future embryoid body will need to draw on a continuous "gifting" of reproductive labor and tissues. In this way capital's dream of promissory self-regeneration finds its counterpart in a form of directly embodied debt peonage.... Wealth creation in the pure debt form—the regeneration of money from money and life from life, without final redemption."
In other words this cooption of life into the circuits of speculative finance converges with debt as the high-point of capitalist accumulation - a fantasy realized of money and life that generates more money, indefinitely, by, again, the sheer fact of their existence. The Marxist point - which I only mentioned really more as an aside - is that this fantasy is just that, a fantasy insofar as this self-generativity is bound to encounter limits of the real, whence the GFC - in which the pure promise of the debt form was no longer sustainable re: 'toxic' mortgages in the US housing market - or the popping of the biotech bubble which happened last year (when investors finally gave up waiting on the unrealized promises of patented cell lines and so on).
(The perfect coincidence of life and debt surplus is probably nowhere better exhibited than in the destruction of the centuries old Iraqi agricultural sector: after the toppling of Saddam and the destruction of the Iraqi seed bank, Iraqi farmers were prohibited from using any other seed than Monsanto's particular patented GM ones, which, because of other orders that further made it impossible for them to recycle seeds, meant they had to buy new seed each crop cycle (further, they could only use Monsanto patented herbicides, which kill all other crops than Monsanto's own). And of course, the seed purchases where financed by generous loan offers placing the farmers into a situation of more or less forced indebtedness: the loans could only be used for Monsanto's seed, which basically locked them in. The result, in Wendy Brown's words, were that: "Organic, diversified, low-cost, ecologically sustainable wheat production in Iraq is finished." See the account in Brown,
Undoing the Demos).
But even this is not what I'm super concerned with. My real interest lies in the collapse of temporal categories occasioned by such developments: by tethering calculations of risk in the present to the quite literally incalculable speculative promises/fears of the future, almost
every and any 'preventative' action is licenced. Essentially what is at stake is a temporal 'state of exception' in which the boundaries between the calculable and the incalculable are effaced such that there is
cartre blanche to do anything whatsoever in the name of the incalculable. Hence the widespread 'need' to enact legislation - all around the Western world - that violates fundamental rights in order to protect us from Godknowswhat impending, immanent, but incalculable risk of.... ???. A kind of permanent state of emergency, licenced by temporal collapse. The ubiquitous threat of 'terrorism', unsurprisingly finds a perfectly receptive audience in neoliberal societies.
One consequence of this is that society can no longer be made to bear the costs of well, anything: "Contrary to the philosophy of the social state, [neoliberalism] teaches that the collective risks gathered under the banner of the nation can no longer be (profitably) collectivized, normalized, or insured against. Henceforth, risk will have to be individualized while social mediations of all kinds will disappear" (Cooper) - note that this rounds out what you say about the valorizaion of individual self-actualization against society. What I'm interested in, again, is the mechanisms that underlie this shift. So while I agree with you that of course neoliberalism militates against society and the romanticzes of the individual, this is so obvious a point that it's been made by every critic of neoliberalism since basically time immemorial. But these myths don't just spring up out of nowhere - the point is the chart the mechanisms that have brought it into being, and have allowed it to catch on.