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1、WHATISGOODFORGOLDMANSACHSISGOODFORAMERICATHEORIGINSOFTHECURRENTCRISISRobertBrennerCenterforSocialTheoryandComparativeHistoryUCLA18April2009ThistextappearsastheProloguetotheSpanishtranslationoftheauthor’sEconomicsofGlobalTurbulence(Verso,2006)whichwaspu
2、blishedbyAkalinMay2009.WHATISGOODFORGOLDMANSACHSISGOODFORAMERICATHEORIGINSOFTHECURRENTCRISIS18April2009Thecrisiscurrentlyunfoldingintheworldeconomyis,withoutclosecomparison,themostdevastatingsincetheGreatDepression,andcouldconceivablycometoapproachitin
3、severity.Thisisbecauseitmanifestshuge,unresolvedproblemsintherealeconomythathavebeenliterallypaperedoverbydebtfordecades,aswellasafinancialcrunchofadepthunseeninthepostwarepoch.Itisthemutuallyreinforcinginteractionbetweenweakeningcapitalaccumulationand
4、thedisintegrationofthefinancialsectorthathasmadethedownwardslidesointractableforpolicymakersanditspotentialforcatastrophesoevident.Analystsofthecrisishavenaturallytakenastheirpointofdeparturethemeltdowninthebankingsectorandsecuritiesmarkets,theepicente
5、roftheearthquake.ButfromTreasurySecretaryHankPaulsonandFedChairBenBernankeondown,theyhavealso,withfewexceptions,deniedtheprofound,longstanding,andworseningproblemsoftherealeconomy.Thecrisisisverysevere,theynowgrant,butitscausesaretobefoundinproblemswit
6、hinthefinancialsector,whereitwasinitiallyisolated,evenifithasbynowextendedfarbeyondit.Bycontrast,theeconomy’sunderlyingfundamentalsarestrong,andremainbeyondquestion.InMarch2008,PaulsontoldNPR1that,beforethesubprimecrisishit,“wehadsixyearsofverysolideco
7、nomicgrowth.”Bernanke,forhispart,had,sinceearly2004,beenpropagatingtheideaof“TheGreatModeration,”thecontentionthatoverthelastcoupleofdecades,thanksespeciallytoimprovedmonetarypolicy,theeconomyhadachievedgreaterstabilityandreduced2inflation,makingforbet
8、terperformanceandabetterlongertermoutlook.InSeptember2008,asfinancialmarketsvergedoncollapseandPaulsonproposedhismammothbail-outofthebanks,twohundredacademiceconomists,manyfromHarvard,Chicago,andMITandincludinganumberofNobelPrizewinners
