1. Don’t go there in the first place: avoid whatever it is – whether external pressure under the gold standard, asset-price bubbles, or leverage-and-panic cycles such as that of 2003-2009 – that creates the desire to deleverage.
1. 首先要免于不如萧条：不管是什么萧条——不管是金本位下的外部压力、资产泡沫，还是类似2003—2009年的杠杆-恐慌循环——只要它会造成去杠杆化的渴望。