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1、REVIEWOFTHEMONTHTheFinancializationofCapitalandtheCrisisJOHNBELLAMYFOSTERWiththebenefitofhindsight,fewnowdoubtthatthehousingbub-blethatinducedmostoftherecentgrowthoftheU.S.economywasboundtoburstorthatageneralfinancialcrisisandaglobaleconomicslowdownweretobetheunavoidableresults
2、.Warningsignswereevi-dentforyearstoallofthosenottakeninbythenewfinancialalchemyofhigh-riskdebtmanagement,andnotblinded,aswasmuchofthecor-porateworld,byhugespeculativeprofits.Thiscanbeseeninaseriesofarticlesthatappearedinthisspace:“TheHouseholdDebtBubble”(May2006),“TheExplosiono
3、fDebtandSpeculation”(November2006),“Monopoly-FinanceCapital”(December2006),and“TheFinancializ-ationofCapitalism”(April2007).Inthelastofthesewewrote:Socrucialhasthehousingbubblebeenasacountertostagnationandabasisforfinancialization,andsocloselyrelatedisittothebasicwell-beingofU.
4、S.households,thatthecurrentweaknessinthehousingmarketcouldprecipitatebothasharpeconomicdownturnandwidespreadfinancialdisarray.Furtherrisesininterestrateshavethepotentialtogenerateaviciouscircleofstagnantorevenfallinghomevaluesandburgeoningconsumerdebtserviceratiosleadingtoafloo
5、dofdefaults.ThefactthatU.S.consumptionisthecoresourceofde-mandfortheworldeconomyraisesthepossibilitythatthiscouldcon-tributetoamoreglobalizedcrisis....IntheSeptember2006GlobalFinancialStabilityReporttheIMFex-ecutiveboarddirectorsexpressedworriesthattherapidgrowthofhedgefundsand
6、creditderivativescouldhaveasystematicimpactonfinancialstability,andthataslowdownoftheU.S.economyandacool-ingofitshousingmarketcouldleadtogreater“financialturbulence,”whichcouldbe“amplifiedintheeventofunexpectedshocks.”Thewholecontextisthatofafinancializationsooutofcontrolthatun
7、ex-pectedandsevereshockstothesystemandresultingfinancialconta-gionsarelookeduponasinevitable.1Thisscenario,whichwasalreadybeginningtobeplayedoutatthetimethattheabovepassagewaswritten,ofstagnantandfallinghome12MONTHLYREVIEW/APRIL2008prices,afloodofdefaults,andaglobaleconomiccris
8、isduetofinancialcontagionandadropinU.S.consumption,has
