Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.
虚假贷膨胀——不是通过储蓄创造出贷——通过制造了大量资本误投资而导致了商业周期。
Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.
虚假贷膨胀——不是通过储蓄创造出贷——通过制造了大量资本误投资而导致了商业周期。
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