America’s strategy for fixing its financial system is costly and unfair, for it is rewarding the people who caused the economic mess. But there is an alternative that essentially means playing by the rules of a normal market economy: a debt-for-equity swap.
调整金融系统势在必行，但仅仅如此还不足以恢复经济。美国调整自身金融系统的策略代价高昂，而且不公平，因为它在奖励造成经济混乱的罪魁祸首。其实我们还有另外一个基本上遵循正常市场经济规则的选择：债券转股权。