For nearly two decades, every credit crisis has been palliated with a further wave of leverage, kicking off a new economic cycle. Can this work again? I think not. In this post-credit crisis world, some things will be permanently different.
近二十年來，每一場信貸危機都隨著又一波槓桿化而得到緩解，由此啓動新一輪經濟週期。這次也會一樣嗎？我認爲不會。在後信貸危機的世界，有些東西將永遠有別於以往。
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