Crises reveal fragility. This one is no exception. Among other things, coronavirus has revealed fragilities in the financial system. This is unsurprising. As before, reliance on high leverage as a magical route to elevated profits has led to private profits and public bailouts. The state, in the form of central banks and governments, has come to the rescue of finance on a gigantic scale. It had to do so. But we must learn from this event. Last time, it was the banks. This time we must look at capital markets, too.
危機會暴露出脆弱性。這一次也不例外。新型冠狀病毒肺炎（COVID-19，即2019冠狀病毒病）疫情暴露出金融體系的脆弱性。這並不令人意外。高槓杆被作爲獲取高額利潤的神奇途徑，和以往一樣，這種做法讓民營部門獲利，卻導致公共部門要出手紓困。國家，具體來講是央行和政府，已經在大規模地救助金融業。它不得不這麼做。但我們必須從這次事件中吸取教訓。上一次是銀行。這一次，我們還必須考慮到資本市場。
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