And, yes, there will probably be another rash of financial crises – perhaps in Central Europe, which now looks like Asia did before its 1997 crisis. Recent jitters about Iceland’s gaping trade deficit and Brazil’s new finance minister rippled around the world, reminding global investors that while many emerging markets are gradually moving towards investment-grade status, most are not there yet.
不要误解我的意思，我并不是在提倡财政挥霍。但过去几年以来，风险的平衡发生了转变。是的，在未来的三至五年内，很可能会发生另一次全球性的经济衰退。对，很可能还会有一场金融危机在中欧突然爆发。中欧现在的情形和1997年金融危机前的亚洲非常相似。最近冰岛的巨额贸易赤字和巴西新任财政部长所引发的波澜，触动了世界的敏感神经，并提醒全球投资家们：虽然有很多新兴市场正逐渐向投资级的地位迈进，但大多数却仍然长路漫漫。