系統故障和需要革命

Friday, October 17th, 2008 星期五， 2008年一十月17日

The most serious financial crisis since the Great Depression shows no sign of letting up.最嚴重的金融危機大蕭條以來沒有跡象。 The financial edifice of US imperialism is in danger of crumbling.金融大廈的美帝國主義是危險的崩潰。 The US ruling class is confronting what Federal Reserve chairman Ben Bernanke describes as a crisis of “historic proportions”—and is hurriedly cobbling together desperate measures to prevent wholesale collapse.美國統治階級所面臨美聯儲主席伯南克形容為一場危機的“歷史性的” ，是急急忙忙補鞋一起絕望的措施，防止批發崩潰。 Three of the largest independent investment banks on Wall Street have ceased to exist since April.三個最大的獨立投資銀行在華爾街已不復存在， 4月份以來。 The government had to assume a major stake in the American International Group (AIG), the world’s largest insurer, to prevent it from collapsing.政府必須承擔的一個主要的股份，美國國際集團（ AIG ）是世界上最大的保險公司，以防止其崩潰。 Now the US Treasury is considering taking ownership positions in major US banks.現在，美國財政部正考慮所有權職位主要的美國銀行。

This crisis is amplifying internationally.這場危機是國際上放大。 Western Europe is facing large bank failures and governments are engineering their own bailouts.西歐國家正面臨大銀行倒閉，政府的工程自己的救助。 The Russian stock market has intermittently suspended operations.俄羅斯股市間歇性暫停行動。 Financial markets in Asia have nose-dived.亞洲金融市場有鼻子假摔。 Mexico’s economy is wobbling, as its exports shrink.墨西哥的經濟搖擺，因為其出口萎縮。

Two things stand out about this crisis.兩件事情的立場了解這一危機。 First, there is the ferocity of its global shocks and the speed with which it has spread.首先是殘酷的全球衝擊和速度，它已經蔓延。 Second, unlike the debt and financial crises of the last 30 years, which were largely centered in the Third World, this crisis initially exploded in the US, the world’s leading capitalist economy, and is focused in the financial centers of world capitalism.其次，不同的是債務和金融危機過去30年中，大部分集中在第三世界，這場危機最初爆發在美國，世界領先的資本主義經濟，是集中在金融中心的世界資本主義。

US-led finance, which plays a dominant and shaping role in the global capitalist order, has taken a huge body blow.以美國為首的資金，其中起著主導作用，並塑造在全球資本主義秩序，採取了一個巨大的身體沉重的打擊。 This will have enormous repercussions, not just for the stability of the world capitalist system but for power shifts and rivalries within it.這將產生巨大的反響，不僅有利於世界的穩定的資本主義制度，但對權力的變化和內部競爭。

Many progressive commentators have put the blame for this crisis on fraud and greed, or on lax regulation.許多進步的評論家歸咎於這場危機的欺詐和貪婪，或疏於監管。 All of which are certainly in play.所有這些都在一定發揮。 But these explanations do not get to the essence of what is happening, to the cause of the problem.但這些解釋沒有得到本質正在發生的事情，對問題的原因。 This crisis is the outcome of the fundamental workings of the capitalist system.這場危機的結果的基本運作的資本主義制度。

The analysis that follows is framed by these core points:的分析，以下是這些框架的核心點：

There is an essential relationship between the vast enlargement of the financial sector in the US, and the general phenomenon of financialization, and the deepening globalization of capitalist production of the last 15 years.有一個基本關係廣大擴大金融部門在美國，和一般的金融化現象，以及全球化的深化資本主義生產在過去的15年。 And central to this dynamic has been the relationship between US imperialism and China.和中央對這個充滿活力一直是關係美國帝國主義和中國。
Through the course of this growth and expansion, severe imbalances have built up between the financial system—and its expectation of future profits—and the accumulation of capital, that is, the structures and actual production and reinvestment of profit based on the exploitation of wage-labor.通過這一過程中增長和擴大，嚴重不平衡已建立起之間的金融體系和其預期未來的利潤和資本的積累，這就是結構和實際產量和利潤再投資的基礎上開發的工資勞動。
A “dirty little secret” of this crisis is the enormous weight of militarization of the US economy.一個“骯髒的小秘密”這場危機是巨大的重量軍事化的美國經濟。
This crisis is a concentrated expression of the anarchy of capitalist production—the fact that production is not carried out according to any conscious, rational plan at the society-wide level, much less at the international level.這場危機是一個集中體現無政府狀態的資本主義生產的事實，生產是沒有進行任何根據意識，合理的計劃在全社會的水平，更不用說在國際一級。

Background to Crisis危機的背景

In the early 2000s, in the aftermath of the collapse of high-tech stocks, the US Federal Reserve Bank sought to stimulate lending and growth. 2000年初，在以後的崩潰，高科技類股，美國聯邦儲備銀行尋求貸款，以刺激增長。 It lowered interest rates and pumped funds into the banking system.它降低了利率和資金注入到銀行體系。 Banks had access to cheap and plentiful credit.銀行獲得廉價和充足的信貸。 And through deceit and aggressive marketing, they pushed mortgages on people.並通過欺騙和大力推銷，他們將按揭貸款的人。 The Federal Reserve continued to inject low-cost funds into the banking system—helping to prop up loans and to fuel a long-term speculative housing bubble.美國聯邦儲備委員會繼續注入低成本的資金進入銀行體系，幫助扶植貸款和燃料的長期投機性房地產泡沫。

Banks sold these mortgages to investment banks.這些銀行出售抵押貸款的投資銀行。 The investment banks in turn bundled these loans together with other loans, created complex financial products, and sold them to large investors—in the US and in other parts of the world, especially Western Europe.該投資銀行把這些貸款捆綁在一起的其他貸款，創建複雜的金融產品，並出售給大投資者，在美國和世界其他地區，特別是西歐。 These mortgage-backed securities, as they are called, circulated in financial markets and became the basis for other loans.這些抵押貸款支持證券，因為他們是所謂的，分發的金融市場，並成為基礎的其他貸款。 The ultimate collateral for this chain of borrowing and lending was the original mortgage loans.最終的抵押品，這一連串的借貸，是原來的按揭貸款。 So when housing prices fell, and as growing numbers of mortgage holders found themselves unable to pay back housing loans, much of this original collateral became nearly worthless.因此，當住房價格下跌，以及越來越多的抵押貸款持有人發現自己無法支付住房貸款，但這個原始抵押品成為近一文不值。

This whole process is an obscene example of how under this capitalist system something as basic as human shelter becomes a financial instrument and object of speculation.這整個過程是一個淫穢的例子，說明根據本資本主義制度作為基本的東西作為人的住房成為一個金融工具和對象的猜測。 This has led to a situation today where 1 in 6 US homeowners owe more on a mortgage than their home is worth; where 1 in every 65 households in California is in some phase of foreclosure; and where a disproportionate number of Black and Latino families who have been victimized by predatory lending have experienced incredible losses of what little wealth they had.這導致了今天的局面，其中1 6美國房主欠更多的抵押貸款比他們的家庭是值得;其中1每65個家庭在加利福尼亞州在某些階段的排斥; ，而一個不成比例的黑人和拉美裔家庭誰一直受到掠奪性貸款經歷了難以置信的損失是小的財富他們。 ¹ ¹

AIG had made enormous profits internationally by selling insurance to investors who held many of these mortgage-backed securities.美國國際集團已取得巨大利潤的國際銷售保險的投資者誰舉行了許多的這些住房抵押貸款證券。 These investors would be repaid by AIG, in the event that the loans that were bundled into these financial packages they had purchased were defaulted on—could not be paid back.這些投資者將予以償還由AIG ，如果貸款被捆綁到這些財務軟件包，他們購買了被拖欠，不能返還。 But by mid-September, AIG could neither cover massive loan damage nor borrow sufficient funds on the financial markets to keep itself afloat.但是， 9月中旬，美國國際集團既不能用於大規模的貸款損失，也沒有足夠的資金借貸的金融市場，以保持本身的預料之中。 AIG was so interconnected with other major financial players that if the company went under, it would likely have taken others down.美國國際集團是相互聯繫，以便與其他主要金融球員，如果該公司下了，很可能會採取其它下來。

In the face of mounting financial crisis, the imperialist state intervened.面對越來越多的金融危機，帝國主義國家的干預。 It acted as the representative of capital and as the guardian of the interests of capital.它擔任代表的資本和作為監護人的利益資本。 The US ruling class was faced with a two-fold danger: mounting losses and bankruptcies in the financial sector; and the choking up of lending channels, which could send the economy into a rapid downward spiral.美國統治階級面臨著雙重危險：越來越多的損失和破產的金融部門;和令人窒息的融資渠道，這可能給經濟進入快速螺旋式下降。

The government basically took over AIG.政府基本上接管了美國國際集團。 And on September 19, the Treasury Secretary Henry Paulson announced a $700 billion bailout.並於9月19日，財政部長保爾森宣布了一項7,000億美元的破產案。 The essence of the rescue package was that the government would buy the troubled mortgage-backed securities sloshing about in the financial system and through this get lending going again.的本質的一攬子拯救計劃是，政府將收購陷入困境的按揭證券晃動的金融體系，並通過此獲得的貸款去了。 But the announced bailout did not unblock credit markets or calm stock markets.但是，宣布紓困沒有打破信貸市場或平靜的股票市場。 Nor has it restored international confidence in the US economy.它也沒有恢復國際對美國經濟的信心。

Taking a Step Back考慮後退一步

This crisis broke out in the banking system.這場危機爆發的銀行體系。 Its more immediate trigger was the popping of a speculative real estate bubble, cascading losses in the financial sector, and the inability of stricken financial institutions to raise capital and the unwillingness of others to lend capital.其更直接的觸發是出現了投機性房地產泡沫，層疊的損失在金融部門，和無力受災金融機構籌集資金和其他人不願提供資本。

At a deeper level, this crisis is the outcome of a particular trajectory of world capitalist growth.在更深的層次，這場危機的結果是某一特定軌跡的世界資本主義的增長。

There has been a massive new wave of globalization. One of the most significant features of world growth and expansion of the last 15 years has been the deepening integration of the world capitalist economy.出現了大規模的新的全球化浪潮。一個最顯著的特點世界經濟增長和擴大過去15年裡一直是深化一體化的世界資本主義經濟。 This is happening both on the level of production and trade—like the parts that go into a computer being manufactured in different parts of the world; and in the case of an iPod being totally manufactured in China.這是發生在兩個水平的生產和貿易類的零件，進入計算機製造的世界不同地區的;和的情況下一個iPod完全在中國製造的。 And it is happening on the level of finance—where banks operate globally and are more tightly interlinked with one another through chains of borrowing and lending and even, as in the case of AIG, insuring risks of lending.這是發生水平的金融，銀行和全球經營的相互聯繫更加緊密與其他通過鏈的借貸，甚至，如美國國際集團，保險風險的貸款。

This new wave of globalization has involved direct productive and financial investments abroad.這種新的全球化浪潮已直接參與生產和財政投資國外。 It has involved the expansion of outsourcing and subcontracting.據參與擴大外包和分包。 And central to all of this has been the fuller integration of export producing countries of the Third World into the world capitalist market—and the forging of a globally-integrated, cheap-labor manufacturing economy.和中央所有這一切已經充分地融入生產出口第三世界國家融入世界資本主義市場和建立一個全球範圍內整合，廉價的勞動力製造業為主的經濟體系。 ² ^二

40 percent of the imports coming into the US are accounted for by US transnational corporations—and this does not even include the subcontracting done by companies like Walmart.百分之四十的進口進入美國佔美國跨國公司和這不，甚至包括了分包所做的公司如沃爾瑪。 30 percent of US corporate profits are generated overseas.百分之三十的美國企業利潤產生的海外。 China, which has evolved into the high-profit workshop/sweatshop for international capitalism, has been at the epicenter of this recent surge of globalization.中國，這已演變成的高利潤講習班/血汗工廠的國際資本主義，一直處於震中最近激增的全球化。 ³ ^三

From the standpoint of the needs of profitable globalization, various elements of deregulation—for instance, the lifting of barriers to rapid shifts and transfers of capital—were functional.從角度的需要，有利可圖的全球化，各種要素的放鬆管制，例如，取消貿易壁壘的快速變化和轉移的資金有功能。 This is why both Republicans and Democrats have promoted deregulation.這就是為什麼共和黨和民主黨已放鬆管制促進。 Indeed, the Clinton administration in the 1990s played a decisive deregulating role.事實上，克林頓政府在90年代發揮了決定性的放鬆管制的作用。 It negotiated so-called free-trade agreements with Third World countries and helped to loosen strictures on US banking and telecommunications.它通過談判所謂的自由貿易協定與第三世界國家，並幫助放鬆狹窄的美國銀行和電信。

The trajectory of capitalist growth of the last 15 years has also involved heightened financialization .軌跡資本主義增長在過去15年中也涉及金融化加劇 。 On this platform of more globalized production and exploitation, the financial services sector in the advanced capitalist countries mushroomed.在這個平台更多的全球化的生產和開發，金融服務業在發達資本主義國家如雨後春筍。

On a turbo-charged global playing field of ever-more mobile and massive flows of investment capital—where the stakes of winning and losing are enormous—capital requires all kinds of risk management.在渦輪增壓的全球競爭環境的時候，更多的移動和大規模投資的流動資本的利害關係的勝負是巨大的資本要求的各種風險管理。 Investment banks and other financial institutions provide such financial services to “hedge” against interest rate variations, currency fluctuations, and other sources of volatility and loss.投資銀行和其他金融機構提供這種金融服務，以“對沖”對利率變動，貨幣波動，以及其他來源的波動和損失。 At the same time, financial activities became a greater source of short-term and speculative profits.與此同時，金融活動成為一個更大的來源，短期和投機利潤。 In an intensely competitive atmosphere for financial market share, investment banks were creating ever-more complex and exotic financial products.在一個激烈競爭的氣氛，金融市場份額，投資銀行創造更加複雜和異國情調的金融產品。 Global financial assets increased from $12 trillion in 1980 to nearly $200 trillion in 2007, far outstripping the growth of world output or the expansion of trade.全球金融資產增加從十二萬點零零零億美元在1980年的近二百萬點零零零億美元在2007年，遠遠超過世界產出的增長或擴大貿易。 ⁴ ^四

Growth in the advanced capitalist countries over the last 15 years became increasingly finance-led and credit-driven.生長在發達資本主義國家在過去15年裡變得越來越財務領導和信貸驅動的。 The US has been at the epicenter of this process of heightened financialization.美國一直在震中位於這一進程高度金融化。 By 2005, the manufacturing sector of the US economy had fallen to 12 percent of the US gross domestic product (the production of goods and services), while the financial services sector made up of finance, insurance, and real estate had grown to 20 percent.到2005年，製造業對美國經濟已下降到百分之十二，美國國內生產總值（生產的商品和服務），而金融服務部門組成的金融，保險，房地產已增加到百分之二十。 In 1982, the financial sector’s share of total corporate profits was just over 5 percent; in 2007, the financial share of corporate profits had skyrocketed to 40 percent!在1982年，金融部門的份額總額是企業利潤剛剛超過百分之五;在2007年，金融股的公司利潤上升到百分之四十！ ⁵ ^五

Contradictions of Development矛盾的發展

These interrelated processes of globalization and financialization ultimately led to unsustainable imbalances and instabilities.這些相互關聯的全球化進程和金融化最終導致不可持續的不平衡和不穩定。 The dynamics that fueled growth have generated new barriers to profitable accumulation of capital.在動力燃料的增長產生了新的障礙有利可圖的資本積累。 Strengths have turned into vulnerabilities.長處變成弱點。

These include:這些措施包括：

Bloating of the financial sector relative to the productive base.腹脹金融部門相對於生產基地。
Huge run-up of debt and US trade and government deficits in the US necessitating massive and uninterrupted inflows of capital from around the world, with the central banks of Japan and increasingly China holding huge amounts of US Treasury debt.巨大的助跑的債務和美國的貿易赤字和政府在美國需要大規模和不間斷的資本流入來自世界各地，與中央銀行的日本和中國舉行日益龐大的美國國債。
Billions upon billions of dollars of paper assets that cannot be transformed into real, productive and material, assets.經數十億數十億美元的資產文件，不能轉化為真正的，生產和材料，資產。
US consumption and borrowing stimulating China’s growth but China’s breakneck manufacturing growth further fueling US trade deficits and intensifying competitive pressures throughout the world economy.美國的消費和借款刺激中國的經濟增長，但中國的驚人的製造業增長進一步加劇美國的貿易赤字和加強競爭壓力整個世界經濟。
The expansion of credit spurring growth but heightening global financial fragility.擴大信貸推動增長，而且加劇全球金融的脆弱性。

We are seeing things turn into their opposites.我們看到的東西變成他們的對立面。 Financial institutions attempted to reduce risk and to profit from risk by dispersing more varied financial instruments over a wider field of investors internationally.金融機構試圖減少風險和利潤的風險分散更加多樣化的金融工具在更廣泛領域的國際投資者。 But this process has drawn investors, these very institutions, and now governments into a vortex of vulnerability and crisis.但是，這一進程已提請投資者，這些機構，現在政府成為一個旋渦的脆弱性和危機。 The heightened globalization of production and markets, the closer intertwining of economies, has created conditions for faster and even more extensive ripple effects of crisis throughout the world.在提高生產全球化和市場，更密切的經濟相互交織，創造了條件更快和更廣泛的連鎖反應的危機在世界各地。

A Knot of Contradictions疙瘩的矛盾

A strategic concern of the US ruling class is the international strength of the dollar.戰略關注的美國統治階級是國際美元的堅挺。 The dollar is the world’s leading currency for settling transactions, clearing debts, and holding foreign exchange reserves (trade and investment earnings that become part of the reserves of foreign central banks).美元是世界領先的貨幣結算的交易，清算債務，並持有的外匯儲備（貿易和投資獲利的一部分儲量外國中央銀行）。 The dollar has been a linchpin of US global supremacy and of the whole current global economic order.美元一直是關鍵美國的全球霸權和整個現行的全球經濟秩序。

The dollar is also an investible commodity—major currencies are bought and sold and traded on international currency markets.美元也是一個投資的商品主要貨幣的買賣和交易的國際貨幣市場。 The value of the dollar rises and falls in relation to other currencies, and in response to international political and economic trends and developments.美元的價值上升和下降，相對於其他貨幣，並響應國際政治和經濟趨勢和發展。 If foreign central banks and investors were to significantly shift away from dollar holdings, this could set off a global monetary crisis and/or strengthen the position of rival currencies (like the euro) and rival powers.如果外國中央銀行和投資者大大偏離美元資產，這可能引發一場全球性金融危機和/或加強的立場競爭對手貨幣（如歐元）和競爭對手的權力。

These are uncharted waters for US policymakers: in the scale and complexity of the crisis…in the magnitude of the rescue operations required to prevent financial breakdown…and in the rapidity with which this crisis is unfolding.這些都是未知的水域為美國的決策者：在規模和複雜性的危機...在巨大的救援行動所需，以防止金融崩潰...在迅速而這場危機正在展開。 A Harvard research economist put it this way: “like the sorcerer’s apprentice, we have created things we do not understand and cannot easily control.”哈佛大學研究的經濟學家這樣說： “像魔術師的學徒，我們已經創造的東西我們不理解和不能輕易控制。 ” ⁶ ^6日

US imperialism has limited maneuvering room.美帝國主義一直迴旋餘地有限。 The US is already the largest debtor country in the world.美國已經是最大的債務國在世界上。 It is waging costly wars for greater empire in Iraq and Afghanistan.這是發動戰爭的代價更大的帝國在伊拉克和阿富汗。 And both John McCain and Barack Obama are committed to America’s global “war on terror”—the umbrella under which the US is waging these wars for empire.兩個參議員麥凱恩和奧巴馬都致力於美國的全球“反恐戰爭”的保護傘下，美國發動戰爭的帝國。

US imperialism has attempted to parlay its superior military strength into a new world order and to lock in its global supremacy for decades to come.美帝國主義一直試圖的Parlay其卓越的軍事實力進入了一個新的世界秩序，並鎖定在其全球霸權在今後幾十年。 Defense and defense-related spending totaled more than $1 trillion in fiscal 2008.國防部和國防有關的開支總額超過1萬億美元的2008財年。 ⁷ ^7日 And military-related production and research have long been deeply embedded in the US economy.與軍事有關的生產和研究長期以來一直深深植根於美國經濟。 The whole imperialist system rests on the domination of vast swaths of the globe through savage force, with the US military colossus playing a special role.整個帝國主義制度在於統治大片全球通過野蠻的力量，與美國的軍事巨人發揮了特殊的作用。 The costs of forcibly preserving and extending the US empire is one of the dirty little secrets of the dynamics of this crisis that scarcely gets talked about.費用強行維護和擴大美國的帝國是一個骯髒的小秘密，這種動態的危機，幾乎沒有得到談論。

Here an important dialectic comes into play.這裡一個重要的辯證發揮作用。 “US military dominance,” writes Kenneth Rogoff, former chief economist for the International Monetary Fund, “has been one of the linchpins of the dollar.” “美國的軍事優勢， ”寫作者Kenneth Rogoff ，前首席經濟學家對國際貨幣基金“ ，一直是關鍵的美元。 ” ⁸ ^8日 But this military dominance and the wars the US is waging have increasingly come to depend on the steady inflow of foreign capital into the US (to the tune of $3 billion a day).但這種軍事優勢和戰爭，美國正在發動越來越來依賴於穩定的外國資本的流入到美國（對調整為30億美元一天）。 For this to continue requires that the US economy and dollar remain stable.為此，繼續要求美國經濟和美元保持穩定。 This is a major contradiction for US imperialism.這是一個重大的矛盾，為美帝國主義。

US imperialism is facing new competitive challenges and the emergence of potential rival constellations of imperial and big powers—vying for market shares, control over energy resources, and geopolitical position.美帝國主義正面臨著新的挑戰和競爭的出現，潛在的競爭對手星座帝國和大國，爭奪市場份額，控制能源資源和地緣政治地位。

Emergency Capitalism緊急資本主義

People are losing their homes.人失去家園。 Retirement savings plans since the middle of 2007 have lost 20 percent of their value with the stock market sinking.退休儲蓄計劃自2007年中已失去百分之二十的價值與股票市場下沉。 Funding for vitally needed social programs and services at state and local levels is being pinched by the financial crisis and economic slowdown.資金急需社會程序和服務在州和地方各級正在捏的金融危機和經濟衰退。 In much of the Third World, food prices soared over the last year, this is partly related to financial speculation, and hunger has spread.在許多第三世界國家，食品價格上漲在過去的一年，這是部分有關金融投機，和飢餓已經擴散。 ⁹ ^9日

While the futures of millions are in jeopardy, what is the paramount concern of those at the top of the pyramid of economic and political power?雖然未來的數百萬人處於危險之中，什麼是關注那些頂端的金字塔的經濟和政治權力？ It is the protection of a financial system that sits atop a global system of exploitation; it is the rescue of the owners and investor beneficiaries of that system.這是保護金融體系，位於環太平洋一個全球性剝削制度，它是拯救業主和投資者的受益者，這一制度。

This is not “socialism for the rich” or a bailout for the people.這不是“社會主義的豐富”或救助的人。 It’s emergency capitalism for the capitalist class: injections of funds and guarantees, government takeovers, cost-cutting, selective liquidations, restructuring of regulations; and it’s more brutal capitalism for everyone else: austerity, more intense international exploitation, and more misery for people throughout the world.它的緊急資本主義的資本家階級：注入資金和擔保，政府收購，降低成本，有選擇性的清理，調整規章;和更殘酷的資本主義的每個人：緊縮，更激烈的國際剝削，和更苦難為世界各地人民。

The official story line is that this crisis issues from particular flaws and malpractices that can be corrected: “excessive greed,” “Wall Street irresponsibility,” “outdated” or “ unenforced regulations.”官方的故事是，這場危機的問題，特別是缺陷和不當行為，可以予以糾正： “過分的貪婪” ， “華爾街不負責任的行為” ， “過時”或“執行的法規。 ”

The truth is that this crisis has deep structural causes in the very nature of the system—in the quest for profit, not the satisfaction of human need, and in the anarchic workings of world capitalism.事實真相是，這場危機有著深刻的結構性原因非常性質的系統在對利潤的追求，而不是滿意的人的需要，並在運作的無政府狀態世界資本主義。

We are seeing how the means through which capitalism expands and “innovates” have led to new barriers and to gales of “creative destruction”—with trillions of dollars of asset values destroyed in the market turmoil.我們看到如何通過哪些方法資本主義的擴展和“創新”已導致新的障礙和大風的“創造性破壞” ，與數萬億美元的資產價值摧毀了在市場動盪。 Through these convulsions, the imperialists seek to wrench new freedom, promoting further consolidation and monopolization.通過這些抽搐，帝國主義尋求新的自由扳手，促進進一步鞏固和壟斷的問題。 Bank of America absorbs the giant investment bank Merrill Lynch.美國銀行吸收巨頭美林投資銀行。 Lehman Brothers is forced into liquidation.雷曼兄弟公司被迫清盤。

Whoever wins the presidential election will be inheriting a battered financial system and huge government deficits.誰贏得總統選舉將是繼承了被毆打的金融體系和龐大的政府赤字。 This will not be an era of expanded social spending, but one of more direct government intervention in financial markets and cutbacks in social spending.這將不是一個時代的社會支出的擴大，而是一個更直接的政府干預金融市場和削減社會福利開支。

A Status Report現況報告

This rolling and intensifying financial crisis serves as a profile and status report on capitalism in the 21st century:這軋製和加強金融危機充當形象和地位的報告，資本主義在21世紀：

A once-thriving subprime mortgage market…had been linked to the ability of US financial institutions to market securities to European banks and of the US Treasury to draw in export earnings from China…earnings generated in sweatshops…tied into subcontracting networks of Western corporations….曾經繁榮的次優抵押貸款市場...一直聯繫在一起的能力，美國金融機構向市場證券，歐洲銀行和美國財政部制定的出口收入來自中國...盈餘產生在血汗工廠...並列到分包網絡的西方公司... 。

Real estate markets tank….房地產市場坦克... 。 The “smart money” looks for “safe places” to shift its capital…. “聰明錢”尋找“安全的地方” ，以改變其資本... 。 Some of it heads for commodity futures like rice….它的一些負責人對商品期貨大米等... 。 So food prices spiral upward in response to the investment stratagems of people who know and care nothing about food needs and food production….因此，食品價格螺旋上升的響應投資策略的人誰知道，毫不關心糧食需求和糧食生產... 。 In countries like Haiti, women who can no longer afford basic staples are feeding their children mud-cakes….在國家，如海地，婦女誰可以再基本主食是他們的孩子餵泥餅... 。

A French bank, with its assets plunging in value, and the chain of global capitalist finance snapping all over, now finds itself with “non-performing loans”….法國銀行，其資產價值下降，以及鏈資本主義的全球金融搶購全完了，現在發現自己的“不良貸款” ... 。 It must “improve its balance sheet” and faces pressures to reduce or eliminate trade credits to a country in Africa that depends on imports for food, and where people already spend 50 percent of their incomes for food.它必須“改善其資產負債表” ，並面臨著壓力，以減少或消除貿易信貸的國家在非洲，依靠進口糧食，而人們已經花費百分之五十的收入用於食品。

Despite staggering advances in technology and human knowledge, despite the fact that the development of human society has brought humanity to a historic threshold where it is now possible not only to overcome scarcity and exploitation but also to forge social arrangements where human beings can truly flourish—despite all of this potential, social and economic life are under painful duress and the ecosystems of the planet gravely threatened.儘管有驚人的技術進步和人類的知識，儘管事實是人類社會的發展帶來了人類的一個歷史性的門檻，在裡面現在有可能不僅要克服缺水和剝削，而且還建立社會安排在那裡的人才能真正蓬勃發展，儘管這一切潛力，社會和經濟生活是痛苦的脅迫下的生態系統和地球構成嚴重威脅。 It is not for lack of resources or knowledge.這不是由於缺乏資源或知識。

All of what has been described in this article is the result of the relations and domination of capital, the result of the workings of a system driven by vicious competition and the blind accumulation of profit based on exploitation—and backed by massive military force.所有已本文中所描述的原因是關係和支配的資金，由於運作的系統驅動的惡性競爭和盲目的利潤積累的基礎上開發和支持的大規模軍事力量。

In the heartland of capitalism, there is financial meltdown.在資本主義的中心地帶，有金融崩潰。 In the Third World, millions are already suffering the ravages of a global food crisis.在第三世界，數以百萬計已經遭受破壞的一個全球性的糧食危機。 This system is a horror and a failure.這個系統是一個恐怖和失敗。 Is it necessary for humanity to live this way?是否有必要對人類生活的這種方式？

The October 10 edition of The Washington Post carried an article with the title and question “The End to American Capitalism?” In forums and in the media, leading bourgeois policymakers and analysts have discussed whether this crisis, careening beyond control and threatening greater economic calamity, suggests that there is something fundamentally amiss about capitalism.在10月10日出版的華盛頓郵報的一篇文章的標題和問題“的終結美國的資本主義？ ”在論壇和媒體，資產階級領導的決策者和分析家們討論了是否這場危機，身體無法控制，並威脅更大的經濟災難表明，有一些根本上對資本主義不對勁。 And the emphatic answer given is the same: “the system may not be working optimally, but there is no alternative, only gradations and variations of capitalism.”和有力的回答是相同的： “該系統可能無法工作最佳，但有沒有其他選擇，只有等級和資本主義的變化。 ”

But there is another way.但是，還有另一種途徑。 It is possible to take hold of the productive resources of society and to develop and deploy them in a rational, planned, and society-wide way to meet human need and to safeguard the planet.這是有可能的把握生產性資源的社會發展和部署在一個合理的，有計劃，有全社會的方式，以滿足人的需要和維護這個星球。 It is possible to establish a radically different kind of state power and to create a society and institutions that unleash people’s creativity and that promote initiative and diversity in an atmosphere that brings out human community.這是能夠建立一個完全不同的一種國家權力，並建立社會和機構，發揮人民群眾的創造力，促進主動性和多樣性的一種氣氛，帶出人類社會。

The question of socialism, of communism, of revolution could not be more relevant…and more urgent.問題的社會主義，共產主義，革命不能更多相關...和更加緊迫。

To be clear, revolution is not a catchword for lots of new things or lots of change.必須明確，革命不是一個口號的很多新事物或大量的變化。 Revolution has very specific meaning: the people getting rid of the system; depriving the old ruling class of their political-economic-military power; and creating a new power with new aims and objectives and the means to enforce those aims and objectives.革命非常特殊的含義：人民擺脫系統;剝奪了舊統治階級的政治，經濟，軍事實力和建立一個新的動力與新的目標和目的的手段，強制執行這些宗旨和目標。

As serious as this crisis is, with all the havoc it is wreaking, the system will not automatically collapse of its own weight and disorder.由於嚴重的危機，因為這是所有的破壞是造成，該系統將不會自動崩潰，其自身重量和障礙。 Absent revolution, capitalism will put itself back together—in its own image and at unimaginable social cost.如果沒有革命，資本主義本身將重新走到一起，在自己的形象和在難以想像的社會成本。

And for all the agony that crisis inflicts, this will not automatically and spontaneously translate into progressive, radical, and revolutionary sentiment and consciousness.和所有的痛苦，造成這一危機，這將不會自動和自發地轉化為漸進，激進和革命情感和意識。 Other forces are in the field doing ideological and political work: reactionary populists like Lou Dobbs (“blame the foreigners and illegal immigrants”) and Sarah Palin whipping up a social base for religio-fascism.其他部隊都在外地做好思想政治工作：反動的民粹主義像樓多布斯（ “指責外國人和非法移民” ）和莎拉帕林鞭撻了社會基礎的宗教法西斯主義。 The Obama candidacy is channeling disenchantment and the thirst for change right back into the political system’s suffocating embrace (“change we can believe in” is nothing other than change acceptable to the powers that be).奧巴馬競選的是竄覺醒和渴望改變落後的政治體制的令人窒息的擁抱（ “改變我們可以相信”沒有什麼變化以外的其他可接受的權力，是）。

This is a highly fraught situation.這是一個非常充滿局面。 Things can change very quickly.事情可以改變非常快。 The system is revealing much about its basic nature.該系統是揭示許多關於它的基本性質。 Bigger jolts may come and outrage may suddenly grow and give rise to resistance from all kinds of quarters.更大的震動可能會和憤怒可能會突然增加，引起抵制各種四分之三。 We have to grasp the potential of the situation.我們必須把握的潛力情況。 We have to be out there bringing forward understanding and bringing forward a vision of a liberatory world.我們必須有提前的了解和提前憧憬一個liberatory世界。 We have to rise to new political and ideological challenges in the belly of the beast.我們必須上升到新的政治和意識形態的挑戰肚子的野獸。

ENDNOTES 結束語

1. 1 。 Data from James R. Hagerty and Ruth Simon, “Housing Pain Gauge: Nearly 1 in 6 Owners ‘Under Water,’”數據詹姆斯R.哈格蒂和露絲西蒙， “房屋疼痛計：近1比6業主在水， ” Wall Street Journal, October 8, 2008華爾街日報， 2008年十月八日 ; RealtyTrac, “Foreclosure Activity Up 14 Percent in Second Quarter,” ; RealtyTrac ， “贖活性高達百分之十四的第二季度， ” Realtytrac.com , July 25, 2008. 7月25 2008年。 A study published earlier this year estimates the total loss of wealth suffered by Black, Latino, and other minority households on account of bank subprime-lending of the last eight years to be the greatest loss of wealth for people of color in modern US history (United for a Fair Economy,發表的一份研究報告今年早些時候估計總損失的財富遭受的黑人，拉美裔和其他少數族裔家庭的銀行帳戶次級貸款在過去8年來的最大財富損失的人的顏色在現代美國歷史上（聯合國建立一個公平經濟， Foreclosed: State of the Dream 2008排除：國家2008年的夢 ). ）。 [ back後面 ]

2. 2 。 Among informative studies of the origins and development of a globally integrated cheap labor manufacturing economy, see Michel Chossudovsky, The Globalization of Poverty and the New World Order (Quebec: Center for Research on Globalization, 2003); and on globalized manufacturing in relation to financialization, see William Millberg, “Shifting Sources and Uses of Profits: Sustaining US Financialization with Global Value Chains,” Economy and Society , Vol.在翔實的研究起源和發展的全球一體化的廉價勞動力的製造業為主的經濟體系，見米歇爾Chossudovsky ， 貧窮的全球化和世界新秩序 （魁北克：研究中心的全球化， 2003年） ;和製造業的全球化與金融化見威廉Millberg ， “移來源及使用情況的效益：保持美國金融化與全球價值鏈， ” 經濟與社會 ，第二卷。 37, No. 3 (August 2008), pp. 37 ，第3號（ 2008年8月），頁。 420-451 . [ 420-451 。 [ back後面 ]

3. 3 。 Data from Milberg, “Shifting Value Chains…” [數據米爾貝格， “移價值鏈... ” [ back後面 ]

4. 4 。 Jeffrey Garten, “We Need a New Global Monetary Authority,”杰弗裡加藤， “我們需要一個新的全球金融管理局” Financial Times, September 25, 2008金融時報， 2008年9月25日 . 。 On financialization as a means also to contain financial disorder and to impose profit maximizing discipline on capital, see Christopher Rude, “The Role of Financial Discipline in Imperial Strategy,” in Leo Panitch and Colin Leys, eds., Socialist Register 2005: The Empire Reloaded , London: Merlin Press, 2004.論金融化作為一種手段也包含金融混亂和對利潤最大化的資本紀律，見克里斯托弗粗魯， “中的作用財政紀律，帝國戰略” ，在永華Panitch和科林利思合編。 社會主義登記冊的2005年：帝國重裝上陣 ，倫敦：梅林出版社， 2004年。 [ back後面 ]

5. 5 。 Kevin Phillips, Bad Money (New York: Viking, 2008), p.凱文菲利普斯，惡錢（紐約：維京， 2008年），頁 5; Robert Wade, “The First-World Debt Crisis of 2007-2010 in Global Perspective,” Challenge: The Magazine of Economic Affairs , July-August 2008, p. 5 ;羅伯特韋德， “第一世界債務危機的2007-2010年在全球的角度來看， ” 挑戰：雜誌經濟部， 7月至8月2008年，頁 33. 33 。 [ back後面 ]

6. 6 。 David Dapice, “Bad Spell on Wall Street,”大衛Dapice ， “壞拼寫華爾街” Policyinnovations.org, January 24, 2008 Policyinnovations.org ， 08年1月24日 . 。 [ back後面 ]

7. 7 。 Leaving out the wars in Iraq and Afghanistan, defense spending has doubled since the mid-1990s.離開了伊拉克和阿富汗戰爭，國防開支增加了一倍自20世紀90年代中期。 See Chalmers Johnson, “Why the US has really gone broke,”見查默斯約翰遜說： “為什麼美國真的發生了， ” mondediplo.com (English edition), February 5, 2008. （中文版）， 08年2月5日。 [ back後面 ]

8. 8 。 Kenneth Rogoff, “America Will Need a $1,000bn Bail-Out,”作者Kenneth Rogoff ， “美國將需要1萬億美元挽救” Financial Times, September 17, 2008金融時報， 2008年九月十七日 . 。 [ back後面 ]

9. 9 。 On the global food crisis, see “The Global Food Crisis and the Ravenous System of Capitalism,”在全球糧食危機，見“全球糧食危機和貪婪的資本主義制度” Revolution #128, May 1, 2008. 革命＃ 128 ， 08年5月1日。 [ back後面 ]

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Chomsky: Anti-Democratic Nature of US Capitalism is Being Exposed 喬姆斯基：反民主性質的美國資本主義正受到 The October Surprise: Global Panic 10月的驚喜：全球恐慌 Democracy Now Follows Up on NSA's Illegal Spying and War Crimes 民主現在採取行動，國家安全局非法竊聽罪和戰爭罪	Charles Andrew 查爾斯安德魯 commented on: 評論： Prison interrogation techniques in Israel 監獄的審訊技術在以色列 I OWNED A VALUABLE STUDENT APARTMENT BUILDING IN STATE COLLEGE PA. 本人擁有一個寶貴的學生公寓樓州立大學巴。 THIS IS THE HOME OF... 這是家中... Continue Reading & Reply 繼續閱讀及回复 Leona P 利昂娜P commented on: 評論： Holes in the wall to see PINs in our eyes 孔在牆上看到碼在我們的眼睛 Hiya, just meandered in. God love yahoo, nice site. Hiya ，公正meandered英寸上帝愛雅虎，漂亮的網站。 Thanks. 謝謝。 Continue Reading & Reply 繼續閱讀及回复 ZingPao ZingPao commented on: 評論： The October Surprise: Global Panic 10月的驚喜：全球恐慌 Great story, thanks for posting. 偉大的故事，感謝張貼。 People need to act. 人們需要的行為。 Where have “WE THE PEOPLE” gone????? 凡有“我們人民”了????? Continue Reading & Reply 繼續閱讀及回复 R Dujour R Dujour commented on: 評論： Democracy Now Follows Up on NSA’s Illegal Spying and War Crimes 民主現在採取行動，國家安全局非法竊聽罪和戰爭罪 Why do I find myself yelling at the radio, “ask the follow up... 為什麼我發現自己罵電台“ ，要求採取後續行動... Continue Reading & Reply 繼續閱讀及回复

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