We did not need to wait until the Dow Jones Industrial Average hit 10,000. It has been clear for some time that global equity markets are bubbling again. On the surface, this looks like 2003 and 2004 when the previous housing, credit, commodity and equity bubbles started to inflate, helped by low nominal interest rates and a lack of inflation. There is one big difference, though. This bubble will burst sooner.
我們不必等到道指觸及一萬點。一段時間以來，全球股市正再次出現泡沫已經顯而易見。從表面上看，這與2003年至2004年的情況相似：上一輪房地產、信貸、大宗商品和股市泡沫就是在那時開始膨脹，主要受低名義利率和低通膨的推動。不過，這兩次存在一個重大的區別。這次的泡沫將破裂得更快。
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