Dangerous things can lurk in the shadows of a financial system. We know this because when the US banking system almost burnt down in 2008, the stuff in the shadows was the fire’s accelerant. The highly-leveraged, off-balance sheet vehicles loaded with securitised debt meant made the banking crisis were far worse than it would have otherwise been.
金融体系的阴影中可能潜伏着危险的东西。我们之所以知道这一点，是因为当2008年美国银行业体系几乎被“烧毁”的时候，阴影中的东西就是助燃剂。这种充斥着证券化债务的高杠杆表外工具意味着，美国银行业危机要远比没有这些工具时严重。
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