Yet the risk premia on non-Treasury assets have soared to barely believable heights: the annual interest-rate premium for holding a CD issued by a private bank now stands at five percentage points. And it is this rise in risk premia that threatens to send the global economy into a deep recession, and turn the financial markets from a spectacle of schadenfreude into a malign source of unemployment and idle factories worldwide.
但国债以外资产的风险回报却涨到了令人难以置信的高度：持有私有银行存款凭证的年回报率现在涨到了五个百分点。正是这样的风险回报增长导致全球经济可能陷入深度衰退，并使金融市场由幸灾乐祸旁观者变成了造成全球失业和工厂停产的罪魁。