First, I am more bearish today than I have been in the past 18 months. In so far as the market has impacted on the economy, capital destruction has been so intense that multi-trillions in capital raised by institutions through both private and public capital has gone to plug holes and not stabilise the effects of shrinking liquidity to corporations and consumers. More than $3,000bn (€2,365bn, £1,955bn) of available credit has been expunged from the markets and therefore corporate and consumer borrowers so far this year.
首先，我現在比過去18個月更加悲觀。就市場對經濟的影響而言，資本毀滅非常嚴重，金融機構通過私人和公共資本籌集的數萬億資本已經流失，而沒有對企業和消費者日益減少的流動性的影響起到穩定作用。今年以來，超過3兆美元可用信貸已從市場上消失，實際上也就是從企業和消費者借款人手中消失。
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