This paper evolves the concept of precarious privilege to explore dialectics of cultural (re)production, in relation to both specific discursive practices and broader discursive formations. Using the Indignad@s social movement as an example, it locates, interprets, and critiques a set of disidentification dynamics shaping the movement as a whole, as well as the rhetoric of specific participants. Regarding the rise and development of Indignad@s, precarious privilege illuminates a conflicted social position enabled by disidentification from the current crisis of neoliberalism in Western Europe—a conjuncture that the movement strives to both expose and exploit. As for the views expressed by specific activists, precarious privilege helps explain the discursively enacted disidentification from the imagined aspects of their and others’ (supra)national cultural identities. Grounded in this analysis, the author emphasizes the potentiality but also the limitations of this generalized tension between residual and emergent dynamics shaping Indignad@s’ political practices. KEYWORDS: cultural (re)production, discursive practices, discursive