“Deleveraging” is an ugly word for a nasty journey: that towards lowering excessive debt after a credit bubble. What makes the effort particularly difficult now is that it affects the US and other large economies. This is a global, not just a local, event.
「去槓桿化」是一個醜陋的字眼，用來代稱信貸泡沫破裂後削減過度負債的痛苦過程。如今，讓這一努力變得尤爲艱難的是，它對美國和其他大型經濟體造成了衝擊。這是一個全球性事件，其影響絕不僅僅侷限於某些地區。
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