Yet although these highly leveraged creatures seem to have made credit tremors more sudden and more frequent, these episodes have not been more calamitous.

尽管这些高度借贷的工具似乎增加了信贷波动的突发性和发生频度，但这段时期并未发生灾难性的后果。

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A sudden loss of confidence in all sovereign debt, and especially in American Treasuries, the world's benchmark "risk-free" asset, would have calamitous consequences in a still-fragile recovery.

对所有主权债突然的的信心丧失，特别是被当作世界无风险债券标竿的美国公债，将在仍然脆弱的经济复苏中造成灾难性的后果。

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