Are rising debt-to-gross domestic product ratios around the world a sign that another financial crisis is looming? At a recent investment conference, I had a heated debate with an economist who claimed that rising indebtedness across the globe was a sure sign of renewed economic sickness and deterioration. “The Minsky moment will return,” he declared, pounding the table. He singled out China as the place where the next financial collapse would occur. Credit expansion there, he said, had grown “too much, too fast”.
在全球范圍內，債務與國內生產總值(GDP)的比率不斷上升，這是否意味著另一場金融危機即將來臨？在最近一次投資會議上，我和一位經濟學家進行了激烈的爭論，他認為全球債務增長是經濟又出了問題、經濟狀況惡化的確切跡象。他拍著桌子說：“明斯基時刻將重新降臨。”他認為中國將是下一次金融崩潰的發生地。他說，中國的信貸擴張得“太多太快了”。
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