balancer is the crank pulley--it consists of two separate metal parts:
-the center of the balancer is a fairly light weight wheel that provides a hole for the mounting bolt and three smaller holes for a puller to thread into
-the outer portion of the balancer is your pulley grooves machined into an inertia ring
both of these pieces are attached and held together by an injection molded rubber layer that allows them to move "slightly" on that rubber and help absorb inherent harmonic vibrations from the engine.
As time passes, engine heat cycles, oil leaks, and constant movement deteriorate the rubber ring and allow the outer inertia ring/pulley to shift (usually toward the timing cover) and cause belt mis-alignment and squealing.
http://www.naxja.org/forum/showthread.php?t=928917&highlight=harmonic