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In discussing Nick Malherbe’s important exploration of liberation psychology and psychoanalysis, I attempt to sharpen analysis of the oppressive impact of traditional psychology/psychoanalysis (especially so in the U.S.). I consider oppressive hierarchies of privilege within the capitalist order in which all institutions, movements and individuals are implicated. I draw particularly from the intersectional theories of the Black feminists of the Combahee River Collective and their successors, and I consider struggles around privilege within other activist movements like ACT UP. This exploration leads me to raise questions about Malherbe’s sharp distinction between “consciousness- raising” and “unconsciousness-raising.” I explore, and raise some questions about, Malherbe’s vivid case illustration.