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1、REVIEWOFTHEMONTHFinancialImplosionandStagnationBacktotheRealEconomyJOHNBEllaMyFOsTERandFREdMagdOFFBut,youmayask,won’tthepowersthatbestepintothebreachagainandabortthecrisisbeforeitgetsachancetorunitscourse?Yes,cer-tainly.That,bynow,isstandardoperatingprocedure,anditcannotbeexcluded
2、thatitwillsucceedinthesameambiguoussensethatitdidafterthe1987stockmarketcrash.Ifso,wewillhavethewholeprocesstogothroughagainonamoreelevatedandmoreprecariouslevel.Butsoonerorlater,nexttimeorfurtherdowntheroad,itwillnotsucceed....Wewillthenbeinanewsituationasunprecedentedasthecondit
3、ionsfromwhichitwillhaveemerged.—HarryMagdoffandPaulSweezy(1988)1“Thefirstruleofcentralbanking,”economistJamesK.Galbraithwroterecently,isthat“whentheshipstartstosink,centralbankersmustbaillikehell.”2InresponsetoafinancialcrisisofamagnitudenotseensincetheGreatDepression,theFederalRe
4、serveandothercentralbanks,backedbytheirtreasurydepartments,havebeen“bailinglikehell”formorethanayear.BeginninginJuly2007whenthecollapseoftwoBearStearnshedgefundsthathadspeculatedheavilyinmortgage-backedsecuritiessignaledtheonsetofamajorcreditcrunch,theFederalReserveBoardandtheU.S.
5、TreasuryDepartmenthavepulledoutallthestopsasfinancehasimploded.Theyhavefloodedthefinan-cialsectorwithhundredsofbillionsofdollarsandhavepromisedtopourintrillionsmoreifnecessary—operatingonascaleandwithanarrayoftoolsthatisunprecedented.Inanactofhighdrama,FederalReserveBoardChairmanB
6、enBernankeandSecretaryoftheTreasuryHenryPaulsonappearedbeforeCongressontheeveningofSeptember18,2008,duringwhichtheJohnBellamyFosteriseditorofMonthlyReviewandprofessorofsociologyattheUniversityofOregon.HeistheauthorofNakedImperialism(MonthlyReviewPress,2006),amongnumerousotherworks
7、.FredMagdoffisprofessoremeritusofplantandsoilscienceattheUniversityofVermontinBurlington,adjunctprofessorofcropsandsoilsatCornellUniversity,andadirectoroftheMonthlyReviewFoundation.Thisar-ticleisthefinalchapterinJohnBellamyFosterandFredMagdoff,TheGreatFinancialCrisis:CausesandCons
8、equences(MonthlyReviewPress,Janua
