When interest rates rise, as they surely will, the bubbles will burst, the prices of those securities will fall, and anyone holding them will be hurt. To the extent that banks and other highly leveraged financial institutions hold them, the bursting bubbles could cause bankruptcies and financial-market breakdown.
美国剑桥—如今，长期利率极低，这是不可持续的，导致了债券和其他证券存在泡沫。当利率上升时——必将如此——泡沫就会破裂，这些证券的价格将下跌，持有者将受伤。由于银行和其他高杠杆金融机构都是这些证券的持有者，因此泡沫破灭可能导致破产和金融市场崩溃。