Highly leveraged systems in finance-dependent economies were the first to hit a wall, surprising many who had uncritically bought into the “Great Moderation” – the idea that macroeconomic and asset-market volatility had eased permanently. The bold policy action that countered the initial disorder prevented a global depression, but it encumbered public-sector balance sheets.
那些金融依赖国的高杠杆系统是最先碰壁的，这让很多不加鉴别接受“大稳健（Great Moderation）”理念——意指宏观经济和资产市场的波动已经永久缓和的想法——的人非常诧异。反击最初失调状况的大胆政策遏制了全球经济萧条，但它也拖累了公共部门的资产负债状况。