Cheap exports, not cheap money.
廉价的出口，而非廉价的货币。
Cheap money is often the problem.
问题常常出在廉价资金上。
But this is where cheap money comes in.
但是松动资金就流向这些地方。
Cheap money fuelled America's bubble.
低息贷款加剧了美国的泡沫。
But in the short term, cheap money is a potent force.
但短期来看，廉价资金是一股强劲动力。
In fact, several other emerging markets have cheap money.
事实上，其他新兴国家也有低价货币。
Cheap money led to the wholesale underpricing of risk.
大规模的廉价资本导致了风险的低估价。
With supply soaring, only cheap money kept the game going.
随着供给量的飙升，只有低息贷款才可以让游戏继续。
Cheap money helped buyers to bid ever higher during the boom.
在经济景气时期，低息贷款使买主出价越来越高。
The result was a world awash in cheap money, looking for somewhere to go.
结果全世界充斥着寻求某个出路的廉价资金。
Cheap money would result in higher prices, leaving unemployment unchanged.
货币贬值会导致价格升高，使得失业并未好转。
That plus cheap money encourages consumers to leverage their own balance sheets.
还有低利借款鼓励消费者撬动他们自己的资产负债表。
And cheap money and Asian savings also played a starring role in the credit boom.
廉价货币及亚洲储蓄在信贷膨胀中也登了场。
But cheap money has a way of distorting analysis so that it comes out the way you want.
但是因为松动资金有办法迷惑分析师，所以就得出了你想看见的结果。
Since the bursting of the dotcom bubble, central banks have pumped out cheap money.
总从网络经济的泡沫破裂之后，中央银行放出了低息贷款。
Cheap money, after all, results in expensive assets, as the bubble in stocks then houses showed.
低息货币终究导致资产昂贵，正如继股市之后房市所显现的泡沫。
Think about cheap money from the perspective of the person or country that holds it for a moment.
从持有松动资金的个人和国家的角度想想。
Cheap money has encouraged households, especially American ones, to borrow and spend lavishly.
低利率鼓励家庭，特别美国家庭，向银行借款并铺张的消费。
Because the logic of cheap money makes it really easy to leave common sense at the spreadsheet door.
松动资金的逻辑就使得它轻而易举地把常识丢在了试算表的大门外。
As long as America can get cheap money from abroad, it has little incentive to rebalance its economy.
只要美国能从国外获得便宜的贷款，那么它对平衡本国经济收支就鲜有动力。
Cheap money has accelerated the process. If the script plays out like other booms, eventually the bubble will burst.
廉价资金已加速了这一过程。如果此轮繁荣的“剧情”与以往相同，那么最终泡沫将会破裂。
Much of this cheap money was squandered, as prestigious offices and swanky apartments sprouted across the region.
大部分这样的低利率贷款都被浪费了，遍及这些个地区，人们四处破土动工修建大量办公楼与豪宅。
Much of the cheap money recycled from the saving countries found its way into housing and other assets in the West.
许多来自储蓄国家的低息贷款投到西方国家房屋以及其它资产上了。
Much of the cheap money recycled from the saving countries found its way into housing and other assets in the West.
许多来自储蓄国家的低息贷款投到西方国家房屋以及其它资产上了。
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