As long as we allow cross-border banks at or close to their current scale, our political leaders will be unable to tolerate their failure. And, because these large financial institutions are by any meaningful definition “too big to fail,” they can borrow more cheaply than would otherwise be the case.
言下之意：针对全球银行巨头的有序解决方案是一种幻想。只要我们允许跨境银行处在或接近它们目前的规模，我们的政治领导人就无法接受它们的破产。而且因为这些大型金融机构无论如何都是“太大而不能倒”的，它们能获得相对低利率的贷款。更糟糕的是，它们既有动机也有机会变得更大。