Today, after the largest credit expansion in history, that point has clearly been reached. Impassive capital now ignores deceptive market signals, and the liquidation of untenable mal-investment percolates through the system as immutable time preferences prevail.
如今，在经历了史上最猛的信用扩张之后，引爆点显然已经被触发了。现在，冷漠的资本已经对虚假的市场信号无动于衷了，而随着恒定的时间偏好被重新认识，越来越多的不当投资的清盘正通过系统渗透出来。