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1、TheEconomistTheoriginsofthefinancialcrisisCrashcourseTheeffectsofthefinancialcrisisarestillbeingfelt,fiveyearson.Thisarticle,thefirstofaseriesoffiveonthelessonsoftheupheaval,looksatitscauses.THEcollapse【asuddenlargedeclineofbusinessorthepricesofstocks】ofLehmanBrothers,asprawling[sp
2、readingoutcarelesslyindifferentdirection]globalbank,inSeptember2008almostbroughtdowntheworld’sfinancialsystem.Ittookhugetaxpayer-financedbail-outs【anactofgivingfinancialassistancetoafailingbusinessoreconomytosaveitfromcollapse.】toshoreup[support]theindustry.Evenso,theensuing[follow
3、ingimmediatelyandasaresultofwhatwentbefore]creditcrunch[acriticalsituationcausedbyalackofsomething,especiallymoney]turnedwhatwasalreadyanastydownturn[aworseningofbusinessoreconomicactivity]intotheworstrecession[thestateoftheeconomydeclines]in80years.Massivemonetaryandfiscalstimulus
4、激勵preventedabuddy-can-you-spare-a-dimedepression,buttherecoveryremainsfeeble【notveryeffective】comparedwithpreviouspost-warupturns.GDPisstillbelowitspre-crisispeakinmanyrichcountries,especiallyinEurope,wherethefinancialcrisishasevolvedintotheeurocrisis.Theeffectsofthecrasharestillri
5、ppling[asmallwaveonthesurfaceofaliquid]throughtheworldeconomy:witnessthewobbles[anunsteadyrockingmotion]infinancialmarketsasAmerica’sFederalReservepreparestoscaleback[?toreduceormakeareductioninthelevelofactivity,extent,numbers,etc]itsefforttopepup[urgeonorencourage]growthbybuyingb
6、onds債券Intheyearof2008,theworldabruptedthefinancialcrisis,causingtheeconomicrecessionoftheworld.Theeffectsofthecrisisarestillripplingthroughtheworldeconomy..2008年9月，全球性銀行雷曼兄弟的破產(chǎn)幾乎使得世界經(jīng)濟系統(tǒng)癱瘓。盡管花費了大量的納稅人資助來救助，但即使這樣，隨后的信貸緊縮證明在80年里經(jīng)濟的衰退會越來越嚴重。大量的貨幣和金融鼓勵阻止了，但是與早前戰(zhàn)后的恢復(fù)相比這次的經(jīng)濟恢復(fù)非常緩慢。在許多富足國
7、GDP仍然低于經(jīng)濟危機爆發(fā)前的峰值，特別是在歐洲，經(jīng)濟危機已經(jīng)逐步轉(zhuǎn)化成歐元危機。危機的影響仍然牽動著世界經(jīng)濟：金融市場不穩(wěn)定，聯(lián)邦儲備委員會準備減少它的努力，通過購買債券來鼓勵增長。Withhalfadecade’shindsight【understandingthenatureofaneventafterithashappened】,itisclearthecrisishadmultiplecauses.Themostobviousisthefinanciersthemselves—especiallytheirrationally?[i'r???nli
8、]【notbasedonclearthoughtor
