全球流动性处于前所未有的规模：利率衍生品日均交易量达 7.9 万亿美元，相比 1998 年的 2650 亿美元扩张约 30 倍；外汇日交易量达 9.6 万亿美元，为 2007 年的三倍，约等同于德国年度 GDP 的两倍。宽松货币推动欧美与新兴市场股票普遍跑赢 S&P 500，并助推美国 AI 企业的估值泡沫化。ETF 是金融化扩张的核心载体：美国 ETF 规模自 2008 年的 5380 亿美元升至逾 9 万亿美元，增长约 17 倍，其数量已超过全部上市股票。指数数量更呈指数级膨胀：S&P 每日计算约 40 万个指数，MSCI 约 30 万，FTSE Russell 超过 5 万，远超全球可投资资产的数量。

该结构性转变削弱了与真实资产的联系，使配置决策由自下而上的个体判断转向自上而下的算法化交易。Amar Bhide 指出，标准化与可交易化使现代市场形成“新型中央计划”，个人判断与互信被剔除；ETF 的被动化与高度流动性进一步强化这种抽象化，使交易反过来驱动公司股价而非相反。金融化在 1980 年代起加速，通过抵押贷款证券化、商品与高收益债扩容、交易所机器化与高速交易等方式不断扩大金融层的深度与速度。

随着 ETF、衍生品与指数体系在规模上全面超越实体经济，风险在于金融结构已远大于基础经济活动本身。资本流动日益“堆砌纸张”，如 Viktor Shvets 所警示，其规模与 1930 年代危机前的扭曲相似；而在进一步放松监管的政策背景下，抑制过度流动性的措施短期内难以出现。关键趋势指向同一结论：金融市场越深，透视经济基本面的判断力越弱，金融化本身正成为资本主义效率的结构性拖累。

Global liquidity has reached unprecedented scale: interest rate derivatives now trade at $7.9 trillion per day, roughly 30 times the $265 billion level of 1998; FX markets trade $9.6 trillion per day, triple the 2007 volume and roughly twice Germany’s annual GDP. Loose monetary conditions have lifted equities globally beyond the S&P 500 and fueled valuation excess in US AI firms. ETFs anchor the expansion of financialization: US ETF assets grew from $538 billion in 2008 to over $9 trillion, a roughly 17-fold rise, with more ETFs than listed stocks. Index proliferation is extreme: S&P computes about 400,000 indexes daily, MSCI about 300,000, and FTSE Russell more than 50,000, vastly exceeding the universe of investable assets.

This structural transformation weakens contact with underlying fundamentals, replacing bottom-up judgment with top-down algorithmic trading. Amar Bhide argues that standardization and tradability have created a “new central planning,” eliminating personal judgment and trust; ETFs’ passive design and high liquidity intensify this abstraction, with flows increasingly driving individual stock movements. Financialization accelerated from the 1980s via mortgage securitization, commodity and high-yield expansion, and mechanized exchanges, culminating in ultra-fast trading infrastructure.

As ETFs, derivatives, and index systems now dwarf the real economy, risk arises from a financial superstructure far larger than its economic base. Capital flows increasingly resemble “stacking paper,” echoing distortions reminiscent of the 1930s, as Viktor Shvets warns; and with ongoing deregulation, constraints on excess liquidity are unlikely soon. The trend points to a single conclusion: deeper markets have eroded economic judgment, turning financialization itself into a structural drag on capitalist efficiency.