While many investors are fretting over what stage of the business cycle we are in, the global monetary system is collapsing — with a whimper initially, but ultimately a bang. The whimper is causing losses for equity investors. The bang will impact global asset prices as much as the end of the Bretton-Woods system or the end of the gold standard.
當許多投資者還在爲我們處在商業週期的哪個階段而煩惱時，全球貨幣體系正在崩潰——起初是一聲嗚咽，但最終將是一聲巨響。這種嗚咽正在給股票投資者造成損失。這聲巨響對全球資產價格將會產生的衝擊，將不亞於布列敦森林制度(Bretton-Woods)或金本位制度的終結。
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