These frightening numbers raise doubts about the stability of the West’s financial system, and they dwarf all measures, such as “bad banks” and government guarantees, that attempt to solve a mere liquidity crisis. The banking system is not primarily suffering from a temporary breakdown of the inter-bank market and a transitory decline in asset values that could be overcome simply by waiting for recovery.
这些惊人的数字引发了人们对西方金融系统稳定性的普遍忧虑。这几乎抵消了之前我们所作出的一切努力，例如包括建立“坏帐银行”和用政府的信用担保来解决信贷市场的问题等。银行系统所遭受的还不仅仅是银行间市场的瘫痪和资产的暂时缩水，这不是单单靠时间就能够盼来的复苏。相反的，银行系统会彻底失去股权资本，正处在破产的边缘。