The financial sector has since made every effort to design instruments that protect against price fluctuations, to transform private debt into tradable financial securities, and to gain access to speculative markets. But these efforts were conducive to fraud and delinquency, and thus spurred a wave of new financial crises – in Europe in 1992, in Asia in 1997, and in Russia in 1998 – as well as a recession in Europe and the United States in the early 2000’s.
此后，金融部门将全部精力都花在了设计能规避价格波动、将私人债务转化为可交易金融证券并进入投机市场的金融工具上。但这些努力成了欺诈和不当行为的温床，也引来了新的金融危机潮——1992年的欧洲危机、1997年的亚洲危机和1998年的俄罗斯危机，以及21世纪初欧洲和美国的衰退。