securitization is not merely the lingua franca of contemporary finance; it is also the biopolitical imperative of financialization.
we can understand “fictitious capital” writ large as the way capital spins a crucial social fiction about the nature of the world.
So, we can understand financialization as a terrain of struggle and friction between different spheres and cycles of reproduction: the reproduction of capital writ large
The reason why the idea of fictitious capital is useful is because it draws our attention to the way that finance foments and depends on the production of social fictions.
The gap between the two is a productive lacuna in Marx’s work which allows us to pinpoint a key element of capitalist crisis
between real value and price, due to the preponderance of finance
