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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.Foraslongast
2、heboomlasted,MrMicawber’sfamousinjunctionappearedtobewrong:whenannualexpenditureexceededincome,theresultwashappiness,notmisery.Foralongtimedebtintherichworldhasgrownfasterthanincomes.InAmericaprivate-sectordebtalonerosefromaround50%ofGDPin1950tonearly300%atitsrecentpeak.Theo
3、riginsoftheboomgoevenfurtherback,reflectinghugechangesinsocialattitudes.Inthe19thcenturydefaultingborrowersweresenttoprison.ThegenerationthatlivedthroughtheGreatDepressionlearnedtoscrimpandsave.Butthewidertake-upofcreditcardsinthe1960screateda“buynow,paylater”society.Default
4、becamejustalifestylechoice.Therecklesslender,ratherthantheimprudentdebtor,waslikelytogettheblame.Asconsumersleveragedup,sodidcompanies.TheaveragebondratingfellfromAin1981toBBB-today,justonenotchabovejunkstatus.Firmsthatheldcashontheirbalance-sheetswerecriticisedfortheirtimid
5、ity,whilebankruptcylaws,suchasAmerica’sChapter11,preventedcreditorsfromforeclosingoncompanies.Thatforgivingregimeencouragedentrepreneurs(inSiliconValleyabankruptcyislikeaduellingscarinaPrussianofficers’mess)butalsoallowedtoomanyzombiecompaniestosurvive(lookattheairlines).The
6、roadtoricheswassimple:buyanassetwithborrowedmoney,thensitbackandwatchitspricerise.Allthiswasencouragedbytheauthorities.Anytimeadebtcrisisthreatenedtheeconomy,centralbanksslashedinterestrates.Theprospectofsuchrescuesreducedtheriskoftakingonmoredebt.Bubbleswerecreated,firstine
7、quities,theninhousing.Itwasamonetaryratchet,inwhicheachcycleendedwithmuchhigherdebtandmuchlowerinterestrates.Rich-worldcountriesnowfacetwosetsofproblems.Themostpressingishowtopayofftheirdebts.Manypeoplewhohavecutbacktheircredit-cardspendingandfirmswhichhaveseentheircreditlin
8、esslashedwouldbehorrifiedtoseehowlittletherichworld’soverallburdenhasfallen
