A couple of years ago, it occurred to me that the 21st century financial system had come to resemble a huge ball of candy floss (or cotton candy, as Americans might say). For bankers had become so adept at slicing and dicing debt instruments, and then re-using these in numerous deals, they had in effect spun a great web of leverage and trading activity – in much the same way that sugar is spun in a bowl to create candy floss.
幾年前,我突然意識到,21世紀的金融體系越來越像是一個巨大的棉花糖。銀行家在切割債務工具、隨後在衆多交易中對其重新加以使用上極其熟捻,事實上編織成了一張槓桿和交易行爲的大網——和不停轉動機器製作棉花糖的方法頗爲相似。
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