Balance sheets matter. This is the biggest lesson of the financial crises that have rolled across the world economy. Changes in balance sheets shape the performance of economies, as credit moves in self-fulfilling cycles of optimism and pessimism. The world economy has become credit addicted. China could well be the next victim.
資產負債表很重要——這是席捲世界經濟的一場又一場金融危機所帶來的最大教訓。隨著信貸以自我實現的樂觀/悲觀週期起起伏伏，資產負債表的變化會影響經濟體的表現。世界經濟已變得對信貸上癮。中國很可能成爲下一個受害者。
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