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1、微信扫描二维码关注启航考研（qh_kaoyan）Istherelifeafterdebt?债后还有生活吗？[2010.06.24]TheEconomistDEBTisaspowerfuladrugasalcoholandnicotine.InboomtimesWesternconsumersusedittoenhancetheirlifestyles,companiesborrowedtoexpandtheirbusinessesandinvestorsemployeddebttoenhancetheirreturns.F
2、oraslongastheboomlasted,MrMicawber’sfamousinjunctionappearedtobewrong:whenannualexpenditureexceededincome,theresultwashappiness,notmisery.Foralongtimedebtintherichworldhasgrownfasterthanincomes.InAmericaprivate-sectordebtalonerosefromaround50%ofGDPin1950tonearly30
3、0%atitsrecentpeak.Theoriginsoftheboomgoevenfurtherback,reflectinghugechangesinsocialattitudes.Inthe19thcenturydefaultingborrowersweresenttoprison.ThegenerationthatlivedthroughtheGreatDepressionlearnedtoscrimpandsave.Butthewidertake-upofcreditcardsinthe1960screated
4、a“buynow,paylater”society.Defaultbecamejustalifestylechoice.Therecklesslender,ratherthantheimprudentdebtor,waslikelytogettheblame.Asconsumersleveragedup,sodidcompanies.TheaveragebondratingfellfromAin1981toBBB-today,justonenotchabovejunkstatus.Firmsthatheldcashonth
5、eirbalance-sheetswerecriticisedfortheirtimidity,whilebankruptcylaws,suchasAmerica’sChapter11,preventedcreditorsfromforeclosingoncompanies.Thatforgivingregimeencouragedentrepreneurs(inSiliconValleyabankruptcyislikeaduellingscarinaPrussianofficers’mess)butalsoallowe
6、dtoomanyzombiecompaniestosurvive(lookattheairlines).Theroadtoricheswassimple:buyanassetwithborrowedmoney,thensitbackandwatchitspricerise.Allthiswasencouragedbytheauthorities.Anytimeadebtcrisisthreatenedtheeconomy,centralbanksslashedinterestrates.Theprospectofsuchr
7、escuesreducedtheriskoftakingonmoredebt.Bubbleswerecreated,firstinequities,theninhousing.Itwasamonetaryratchet,inwhicheachcycleendedwithmuchhigherdebtandmuchlowerinterestrates.Rich-worldcountriesnowfacetwosetsofproblems.Themostpressingishowtopayofftheirdebts.Manype
8、oplewhohavecutbacktheircredit-cardspendingandfirmswhichhaveseentheircreditlinesslashedwouldbehorrifiedtoseehowlittletherichworld’soverallburdenhasfallen
