No one can read the chronicles of those earlier crashes without sensing – with a chill – that history is repeating itself. The story of the modern capitalist economy is a rhythmic repetition of cycles, syncopated by eerily similar crises. These crises, while their details differ, are but variations on the same theme. Easy money, geared up by leverage, floods the financial system through innovative products. This simultaneously pumps up asset prices and obscures their speculative nature, with euphoria usurping the place of analysis. Until, one day, something triggers a loss of confidence in the continued rise of prices, and the whole leveraged edifice crumbles.
读过那些早期危机的编年史后，人们无不感觉到——伴着一丝寒意——历史正在重演。现代资本主义manbetx20客户端下载 的发展经历是一种有节律的周期往复，相似得令人恐惧的危机是其中间插的切分符。这些危机虽然细节各异，但都是同一个主题的变奏。在杠杆作用下迅速增加的轻而易举得来的钱财，借助创新产品注满了整个金融体系。这在推高资产价格的同时还模糊了它们的投机本质，狂热篡夺了冷静分析的位置。直到某一天，某件事情导致人们对价格的不断上升丧失信心，整座由杠杆构建的大厦便轰然倒塌。