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1、ThefailureoftheUSfinancialbailout緊急援助hashadavolatileeffectonEuropeanfinancialmarketswithbankingsharesinLondonthehardesthit.Theworldfinancialsystemisteetering動搖onthe"brink邊緣ofsystemicmeltdown",--richnationshadsofarfailedtorestoreconfidence"Intensifying增強solvency債務(wù)償付能力concernsaboutanumberofthelarge
2、stUS-basedandEuropeanfinancialinstitutionshavepushedtheglobalfinancialsystemtothebrinkofsystemicmeltdown,"---Thefirstco-ordinationbetweenadvancedcountriesandtherestoftheworldisnowontrack."---TheIMFchief'sstrongwordsreflectabeliefthattheglobalfinancialcrisiscanbecontained.---Themeetingcameadayafte
3、rAsian,EuropeanandUSmarketscontinuedtopanicselldespiteratecutsandcashinjections注射bycentralbanks,amidwidespreadfearsofaglobalrecession.Thistime,marketplayersseemtrulyhorrified—becausethey’vesuddenlyrealizedthattheydon’tunderstandthecomplexfinancialsystemtheycreated.Credit—lendingbetweenmarketplaye
4、rs—istothefinancialmarketswhatmotoroilistocarengines.Theabilitytoraisecashonshortnotice,whichiswhatpeoplemeanwhentheytalkabout“l(fā)iquidity,”isanessentiallubricantforthemarkets,andfortheeconomyasawhole.Butliquidityhasbeendryingup.Somecreditmarketshaveeffectivelyclosedupshop.—liketheLondonmarket,inwh
5、ichbankslendtoeachother—haverisenevenasinterestratesonU.S.governmentdebt,whichisstillconsideredsafe,haveplunged.“Whatwearewitnessingisessentiallythebreakdownofourmodern-daybankingsystem,acomplexofleveragedlendingsohardtounderstandthatFederalReserveChairmanrequiredaface-to-facerefreshercoursefromh
6、edgefundmanagersinmid-August.”Thefreezingupofthefinancialmarketswill,ifitgoesonmuchlonger,leadtoaseverereductioninoveralllending,causingbusinessinvestmenttogothewayofhomeconstruction—andthatwillmeanarecession,possiblyanastyone.Behindthedisappearanceofliquidityliesacollapseoftrust:marketplayersdon
7、’twanttolendtoeachother,becausethey’renotsurethey’llberepaid.Whywasthisallowedtohappen?Atadeeplevel,Ibelievethattheproblemwasideological:policymakers,committedtotheviewthatthemarketisalwaysright,simplyignoredthewarning
