Second, this is a crisis of solvency, not just liquidity, but true deleveraging has not really started, because private losses and debts of households, financial institutions, and even corporations are not being reduced, but rather socialized and put on government balance sheets. Lack of deleveraging will limit the ability of banks to lend, households to spend, and firms to invest.
第二，经济危机是一场偿付能力危机，而不仅仅是流动性危机，但是，因为私营部门的损失和家庭、金融机构甚至是公司的负债，并没有减少，而是社会化了并表现在政府的资产负债表上，所以真正的去杠杆化还没有开始。缺乏去杠杆化会限制银行贷款的能力，家庭消费的能力以及公司投资的能力。