That lesson was reinforced by the experience of countless debt crises in peripheral countries, the most destructive of which hit Latin America exactly 30 years ago, after ecstatic borrowing fueled economic booms. Sometimes these were simply consumption booms – whether for households or for military outlays and presidential palaces – and sometimes they were investment booms, though much of the investment had been misallocated as a result of political priorities.
让人们获得深刻教训的是数不尽的外围国债务危机，其中最具破坏力的要数30年前袭击拉丁美洲的那一次。那次危机发生在借贷狂热刺激了经济繁荣之后。有时，这类经济繁荣只是消费繁荣——不管消费者是家庭，还是军队，还是权贵；有时候则是投资繁荣——尽管很大一部分投资因政治优先级顺序问题而配置不当。