A couple of years ago, it occurred to me that the 21st century financial system had come to resemble a huge ball of candy floss (or cotton candy, as Americans might say). For bankers had become so adept at slicing and dicing debt instruments, and then re-using these in numerous deals, they had in effect spun a great web of leverage and trading activity – in much the same way that sugar is spun in a bowl to create candy floss.
几年前，我突然意识到，21世纪的金融体系越来越像是一个巨大的棉花糖。银行家在切割债务工具、随后在众多交易中对其重新加以使用上极其熟捻，事实上编织成了一张杠杆和交易行为的大网——和不停转动机器制作棉花糖的方法颇为相似。
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