After some time of silently watching the "conspiracy" threads thriving on JWN with a mix of amusement, consternation, boredom and irritation, I suddenly felt like stepping back and trying to think about the phenomenon in its historical development.
Of course, any attempt to understanding requires a measure of simplification, and the pattern that is emerging in my mind is only intuitive and merely offered for the sake of discussion.
It seems to me that the "anti-conformist" flock of "open minds" who can "think outside the box" and "see through the agendas of the establishment" have been going places over the decades. In the 70s they were into (mostly left-wing) political activism. Then the English-speaking "enlightened" crowd parted ways from their Continental European counterpart (which tended to vanish into the general society) and moved on either to Christian fundamentalism (especially of the eschatological, dispensationalist kind) or to "New Age" spirituality (both being nebulas and networks rather than "organisations"). Now (since the beginning of the 21st century) it seems that both movements are losing ground to a new nebula of counter-culture known as "conspiracy theory".
It is critical and pessimistic about the overall "system" as its (hypothetical) "forefathers". It is fatalistic as Christian eschatology was (it doesn't try to change the course of things) but unlike it, it seems to expect no global "salvation" (from either God or history) -- interestingly, any notion of a "New World" is diabolised as a kind of neo-Antichrist motto: an Antichrist without a Christ. It welcomes a great deal of doctrinal and methodological inconsistency (as the "New Age" did). What matters is "being in the know" or at least "searching" (also as a token of mutual recognition among the "enlightened" in spite of wild theoretical disagreements) and spreading its knowledge of doom (a neo-evangelism which is rather a "dysangelism" -- to borrow from Nietzsche's redefinition of the "Gospel"). Its "salvation" reduces to a gloomy perspective of individual (or family, or clan) survival. Politically it is friendly with "libertarian" ideals (a right-wing, capitalistic reversal of historical anarchism), minus the optimism which makes them political and ideal...
Thoughts, refutation or correction welcome (please notice that I'm not discussing whether any particular theory is "right" or "wrong")...