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The current global financial crisis, which has brought the financial system virtually to its knees, is a both cause and symptom of a deeper systemic crisis of capitalism.
The left has been trumpeting (大肆宣扬) the crisis of capitalism for many years. And like the boy who cried wolf, the left's cries can no longer be ignored if the flock is to be saved.
The current crisis manifests profound, unresolved problems in the real economy. The combination of the weakness of underlying capital accumulation and the meltdown of the banking system is what's made its potential for disaster so serious.
There have been financial bubbles in South Africa that are likely to burst with similar results to those seen in the U.S. All the more so since South Africa not only has an unregulated derivatives market (衍生品市场) but is offering to make this practice subject to further deregulation under the World Trade Organization's services agreement GATS.
Equally serious is the dependence of the South African economy on extremely unstable speculative capital to keep the economy afloat. For some years now we have been living beyond our means, where the costs of our imports far out-weigh revenue from exports. We are not earning sufficient foreign currency to pay for these imports, which, in turn, has made us dependent on attracting short-term speculative investment to allow us to continue on this unsustainable path. It encourages investment in the financial sector and consequently discourages investment in the real economy, such as in expanding factory production, agriculture, etc. Similarly, it imposes limits on public investment in social spending as government follows the same logic.
All of this is an outcome of an economic policy which removed controls on the financial sector. This process, known as liberalization, made it easier for investors to take their money in and out of the country and to make greater profits from speculative investment. But it is precisely the policies of liberalization and deregulation that render the South African economy vulnerable to the global financial crisis.
This brings us full circle: the financial crisis must be understood as an outcome of a weak capitalism unable to generate profit through investment in the productive sectors of the economy. Policies aimed at resolving the problems of growth are just aggravating the situation, exposing the system to repeated crisis.
Why does the author say "the left's cries can no longer be ignored"(Para. 2)?
Like many of her colleagues, Dr. Rosalind S. Dorlen, a clinical psychologist in Summit, N.J., has no openings for new patients. Though she's always had a busy practice, the past few months have brought an intensity she's never before witnessed.
"Every person coming into my office is talking about this global roller coaster (过山车) we're on," says Dorlen, who counsels many Wall Street employees. "There's widespread anxiety, which I haven't seen around economic factors in my 30 years of practice."
Indeed, the news has been grim. Since the beginning of the year, the economy has shed jobs continuously for nine months, eliminating 760,000 positions. In September, one in 475 housing units received a notice of mortgage default, according to Realty Trac, a firm in Irvine, Calif. And pensions lost roughly $1 trillion from the second quarter of 2007 to the second quarter of 2008, according to a recent analysis by the Congressional Budget Office.
What's next? Nobody knows, but the constant bad news is taking its toll. The American Psychological Association (APA) conducted two online surveys of more than 2,500 people this year and found that respondents' stress levels rose drastically in September. In April, 66 percent said that the economy was a source of stress. In September, that number jumped to 80 percent.
While stress is a normal response in turbulent times, some health professionals are concerned that the financial crisis will hinder the coping abilities of those affected most.
People who may be prone to anxiety, depression or substance abuse are calling in distress. The firm also has contacted local law enforcement and hospitals about suicide threats once or twice a week as opposed to the average during normal times, which is once a month.
Substance abuse or suicidal thoughts are dramatic red flags, but there are many other warning signs of depression that should be taken seriously. In the APA survey, respondents reported both physical and mental symptoms of stress, including fatigue, muscle tension, lack of interest or motivation, dizziness, headaches, upset stomach, increased irritability or anger, teeth grinding and nervousness.
Taken alone, these symptoms might seem like isolated problems. But when they affect someone dealing with layoffs, mortgage default or other forms of financial stress, they can point to a more troubling struggle with anxiety or depression.
What do we know about Dr. Rosalind S. Dorlen?
Ray Meyer was laid off from his job as a regional bank manager almost three years ago now. He finally gave in and started working with a temp agency. On the road back to work, a new job isn't the final destination. It's just a stopping point along the way.
"Good morning, this is Ray. I'm on break from the temporary job that I have," Meyer says in a recording made in the parking lot outside of his current workplace. "It's good to be out and about and it's certainly good to be in the morning traffic with everybody else."
Meyer is sitting in his purple Dodge Caravan. There's a rust spot on the door, and it needs repairs more often than it used to. When Meyer bought it 14 years ago he never imagined he'd still have it today. But he also never imagined he'd be working for a temp agency making $15 an hour.
"I just am finding that these temporary jobs that I'm working on tend to treat their temporary employees differently, and I guess because we're disposable," he says.
Meyer is still searching for a job in banking. He knows he won't make what he did before, and likely wouldn't even be in management. But it would still be so much better than this temp work.
"My job just dismissed out last Thursday night. But the job didn't tell me until I got home," Meyer says. "The people I'm working through called me and let me know that I didn't need to go back."
Meyer is disappointed, but there's something more. The uncertainty of temp work is gnawing away at (使烦恼) him. It's like every few months he relives his layoff.
He says he takes his things home every night because he never knows if his key will work the next day. He'd never say it this way, but you can tell Meyer is still traumatized (使受精神创伤) by the loss of his banking job back in 2008.
"I don't know that I'll ever feel safe again," Meyer says. "Before, I felt like I was doing a good job and they pulled the rug right out from under me, and I just didn't see it coming."
Meyer's current temp job is supposed to last through October, but he isn't counting on it going past September.
What can be inferred from the sentence "On the road back to work, a new job isn't the final destination."(Para. 1)?