私人债务过高是“大衰退”的根源

Excessive Private Debt is the Root of "Great Recession"

大量证据证明,经济灾难往往发生在家庭债务猛增之后,而家庭债务猛增和经济灾难都与消费支出崩溃相关,也即家庭债务、消费支出和"大衰退"之间存在密切联系。金融危机和经济衰退是金融体系的产物,金融体系必须尽量避免将风险集中于债务人身上,从而避免危机和衰退。

A lot of evidences have proved that economic disaster often happened after the surge in household debt, and the surge in household debt and economic disasters are related to the collapse of consumer spending, in oth- er words, there is a close link between household debt, consumption expenditure and the ＂great recession＂. Financial system must avoid to concentrate risk in the debtors, so as to avoid the crisis and recession.