Even in the best of circumstances, the consequences of the biggest asset and credit bubble in history will linger.
即使在最好的情况下，史上最大资产和信贷泡沫的后果仍将徘徊在附近。
If we are experiencing the greatest global boom, aren't we also witnessing the greatest global bubble of all times in almost all asset classes?
如果说我们正置身全球最繁荣的时期，我们是否也在见证有史以来几乎所有资产类别中最大的全球泡沫呢？
There is a clear temptation for the West to extricate itself from the errors of the Greenspan asset bubble, the Brown credit bubble, and the EMU sovereign bubble by stealth default through inflation.
西方人有一种明显的倾向，希望通过通货膨胀造成的隐性违约，摆脱格林斯潘的资产泡沫、布朗信贷泡沫和欧洲货币联盟主权泡沫。
Once again, we are seeing the puncturing of a speculative bubble that was the result of asset prices soaring high above the underlying value of the assets.
再一次，我们目睹了严重脱离固有价值的资产价格飞涨导致的投机性泡沫被戳穿的景象。
Aside from high asset valuations, the two classic symptoms of a bubble are rapid growth in private-sector credit and an outbreak of public enthusiasm for particular assets.
除了高估的资产价值，另外两项传统的泡沫症状是私人企业信贷的增长和公众对个别资产的追逐。
Worry seems to focus on the possibility of an asset bubble and the chance that it will burst sometime in the next two to three months.
他们看来是担心有一个房地产的泡沫，而这个泡沫指不定在未来一到两个月里的某一天就会破裂。
That makes it harder for a bubble to develop in oil than in the shares of Internet firms, say, or in housing, where the supply of the asset is finite.
所以，与网络公司股权市场或供应量有限住房市场相比，石油市场不易形成泡沫。
Japan's bubble was able to deflate gradually over a decade because it had been financed by local Banks that could control the pace of asset deflation.
日本泡沫在过去10年来得以逐步挤出，是因为它通过本地银行筹集经费，以控制资产紧缩的速度。
In Japan productivity growth slumped after the country's asset bubble burst at the start of the 1990s.
20世纪90年代初日本资产泡沫破裂之后，该国生产率增长剧降。
Pessimists point to Japan's travails as a lesson in how a deflating asset-price bubble and a vast overhang of debt can defeat all that monetary and fiscal policy can throw at it.
悲观主义者以日本的痛苦经历作为一个教训，告诉我们资产价格泡沫破灭和巨大的债务负担是如何击败所有可以实施的货币和财政政策。
It can sell a lot of the bubbling asset for substantial gains, and when the bubble bursts, it is the investors who lose out, not the seller.
它可以销售大量泡沫资产，从而取得实实在在的收益，当泡沫破灭时，受损失的是投资者，而不是卖家。
What followed in 1999 was a liquidity-fuelled rally that led to the dotcom bubble; this time around, emerging markets seem to be the asset of choice.
接下来的1999年，（股市）被流动性推高反弹，从而导致了互联网泡沫；而这一次，情势扭转，新兴市场成立资产配置的首选。
Market gurus and other students of misaligned stock, bond or home prices often say that although it is easy to spot an asset-price bubble, it is impossible to know the event that finally pricks it.
市场权威和股票、债券或住房研究者们通常认为，识别价格泡沫并非难事，但却很难料知最终刺破泡沫的具体事件。
The bankruptcy of Lehman might have been avoided but what would have happened to the asset super-bubble?
雷曼或许会免于破产，但资产超级泡沫会怎样？
A look at Japan's performance since its asset bubble collapsed in 1990 says no - though not in the spectacular way the Bill Grosses of the world often suggest.
看看日本90年代泡沫破灭后的表现答案便一目了然，没错——但是也不会像比尔·格罗斯说的那样悲壮。
And the asset bubble has compelled us to be even more of a manufacturer.
资产泡沫迫使我们更要把自己当成制造商。
While these loose money conditions have supported the stock market, it has also led to growing controversy over high property prices and the risk of an asset bubble.
虽然这种宽松的货币环境支撑了股市，但它也因为高房价和资产泡沫风险而引起越来越大的争议。
How he achieved this has lessons for a Japan still struggling with the legacy of the burst asset bubble.
日本仍在竭力摆脱资产泡沫破裂留下的后遗症。而御手洗取得成就的方式给日本提供了教训。
This can effectively avoid the asset prices bubble, guard against financial risks and ensure the steady operation of macro economy.
只有这样，才能有效避免资产价格泡沫的产生和破灭，防范金融风险，确保宏观经济的稳定运行。
This can effectively avoid the asset prices bubble, guard against financial risks and ensure the steady operation of macro economy.
只有这样，才能有效避免资产价格泡沫的产生和破灭，防范金融风险，确保宏观经济的稳定运行。
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