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1、ThefailureoftheUSfinancialbailout紧急援助hashadavolatileeffectonEuropeanfinancialmarketswithbankingsharesinLondonthehardesthit.Theworldfinancialsystemisteetering动摇onthe"brink边缘ofsystemicmeltdown",--richnationshadsofarfailedtorestoreconfidence"Intensifying增强solvency债务偿付能力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“liquidity,”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