Capitalism's Self-Destructive Spontaneity http://mrzine.monthlyreview.org/2010/patnaik010710p.html

International finance capital's resistance to the abandonment of "sound finance" is a part of this spontaneity, even though such "sound finance" can push the economy into deeper crisis. But a part of the answer also lies in the fact that a global capitalist State that could conceivably have imposed its writ on globalised finance is absent today.

The US which comes closest to being a surrogate world capitalist State is itself a highly indebted economy, running a perennial current account deficit that cannot be offset by encroachments on the colonial markets and extractions of colonial surpluses, as had happened in the case of Britain earlier. That is why as world capitalism appears to go downhill, there is no force strong enough to stop this movement.