But as frightening as the ups and downs of stock prices can be, they are mere froth on the waves compared to the real threat to the global economy: the enormous tsunami of debt bearing down on households, businesses, banks, and governments. If the US Federal Reserve follows through on raising interest rates at the end of this year, as has been suggested, the global economy – and especially emerging markets – could be in serious trouble.
日内瓦—在过去几个月中，大量注意力集中到了金融市场动荡上。但股价涨落固然可怕，与这同样可怕的是，与全球经济所面临的真正威胁相比，这些涨落只是浪尖上的涟漪。巨大的债务海啸正在摧毁家庭、企业、银行和政府。如果美联储在今年年底如期开始升息，全球经济——特别是新兴市场——可能陷入严重的麻烦。