HISTORY PROVIDES LITTLE COMFORT
“史无前例”的金融危机


普林斯顿大学伍德罗•威尔逊学院教授詹姆斯:无论是上世纪30年代的大萧条,还是英国19世纪的银行业危机,都未能对当前的金融危机提供有效经验。何去何从需要决策者们做出主观判断。

It is impossible to find parallels for the extent of this week's banking crisis since the Great Depression. But the implosions of the weekend do not even look like the American experience of depression, in which the country was swept by wave after wave of panic that wreaked widespread havoc by hitting small institutions exposed to local market conditions. Today's crisis, by contrast, is right at the heart of the financial system, and threatens a complex pattern of credit guarantees and insurance backstops that were touted as making the financial system failsafe.

在自大萧条(Great Depression)以来的这段时期,想找到能与本周银行业相提并论的危机是不可能的。不过,上周末爆发的事件看上去甚至不同于美国经历过的manbetx20客户端下载 萧条。在那些萧条中,一波又一波的恐慌席卷整个国家,冲击受到本地市场环境影响的小型机构,从而造成大范围的混乱。相反,今天的危机正处于金融体系的核心,并且威胁到由信贷担保和保险最后担保(Insurance Backstop)组成的复杂格局,该格局号称可以使金融体系自动排除险情。

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