It is, I suppose, inevitable that much comment on the fifth anniversary of the collapse of Lehman Brothers has focused on the role of leverage and excessive risk-taking as prime causes of the financial crisis. Certainly, both factors played a big part in the downfall of this once mighty investment bank. Yet the single most important force behind the majority of big bubbles and busts is monetary dislocation, which in this case derived from the actions of central banks over three decades, and a savings glut in Asia and northern Europe.
在雷曼兄弟(Lehman Brothers)破產(chǎn)五周年之際，幾乎不可避免地，大部分媒體評論仍將高杠桿和過度冒險視作金融危機的主要原因。曾經(jīng)強大的雷曼兄弟之所以倒閉，這兩點固然是重要原因。但是，大規(guī)模泡沫之所以產(chǎn)生繼而破滅，最重要的原因仍是資金的錯配。導(dǎo)致這輪金融危機的資金錯配，與各國央行30年來的行為，以及亞洲和北歐國家的過度儲蓄息息相關(guān)。
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