For nearly two decades, every credit crisis has been palliated with a further wave of leverage, kicking off a new economic cycle. Can this work again? I think not. In this post-credit crisis world, some things will be permanently different.
近二十年來，每一場信貸危機都隨著又一波杠桿化而得到緩解，由此啟動新一輪經濟周期。這次也會一樣嗎？我認為不會。在后信貸危機的世界，有些東西將永遠有別于以往。
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