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《道德经》有云:“反也者,道之动也。”《吕氏春秋》曰:“全则必缺,极则必反。”《淮南子》道:“夫物盛而衰,乐极则悲,日中而移,月盈而亏。”这三部两千多年前的中国古代经典反映的是同一个朴素的道理:物极必反。如今,这一道理再度得到证实:全球金融危机因杠杆化过度而生,又引发痛苦而持久的去杠杆化过程。换个角度来看,金融危机的高峰也是去杠杆化的高峰,经济复苏的过程则伴随着杠杆的再度扩张。历史经验也表明,要从金融危机中复苏,需要经过两个
The moral classics says: “Anti also also, the movement of the Tao. ” “Lu Shi Chun Qiu” said: “” “Huainanzi” Road: “husband Things prosper, music is sad, the shift from day to day, the monthly surplus and losses. ”These three two thousand years ago, the ancient Chinese classic reflects the same simple truth: the very opposite. Today, the truth is again confirmed: the global financial crisis was over-leveraged, triggering a painful and lasting de-leveraging process. From another perspective, the peak of the financial crisis is also the peak of deleveraging. The process of economic recovery is accompanied by the re-expansion of leverage. Historical experience also shows that to recover from the financial crisis, we need to go through two