"But isn't something more systemic happening? Well, George Soros, who saw this coming, says that we are going through a crisis of the 'giant circulatory system' of a 'global capitalist system that is...coming apart at the seams'. To elaborate, we're seeing the intensification of one of the central crises or contradictions of global capitalism: the crisis of overproduction, also known as over-accumulation or over-capacity. In other words, capitalism has a tendency to build up tremendous productive capacity that outruns the population's capacity to consume, owing to social inequalities that limit popular purchasing power, thus eroding profitability."
Source: Walden Bello. "A meltdown primer," New Internationalist. Nov. 2008, 34.