Crises reveal fragility. This one is no exception. Among other things, coronavirus has revealed fragilities in the financial system. This is unsurprising. As before, reliance on high leverage as a magical route to elevated profits has led to private profits and public bailouts. The state, in the form of central banks and governments, has come to the rescue of finance on a gigantic scale. It had to do so. But we must learn from this event. Last time, it was the banks. This time we must look at capital markets, too.
危机会暴露出脆弱性。这一次也不例外。新型冠状病毒肺炎（COVID-19，即2019冠状病毒病）疫情暴露出金融体系的脆弱性。这并不令人意外。高杠杆被作为获取高额利润的神奇途径，和以往一样，这种做法让私营部门获利，却导致公共部门要出手纾困。国家，具体来讲是央行和政府，已经在大规模地救助金融业。它不得不这么做。但我们必须从这次事件中吸取教训。上一次是银行。这一次，我们还必须考虑到资本市场。
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