Each individual reaches a decision--each individual has an income point and decides how much to consume based on the budget constraint.

在预算限制内,每个人都要决定将收入的多少,用于消费

耶鲁公开课 - 金融市场课程节选

In an ideal world, where you can borrow and lend freely, an individual could choose consumption along any point on this line.

在理想情况下,你可以随意借贷,每个人都可以将这条线上任意一点,作为自己的消费额

耶鲁公开课 - 金融市场课程节选

So, the whole world-- everyone's consumption around the world would go down.

所以，整个世界-,每个人的消费能力都下降了。

耶鲁公开课 - 金融市场课程节选

They have risks that their overhead won't cover their risk is that a steady stream of people won't come and be making a steady stream of bets at which each of them has a slightly negative expectation.

他们的风险是能否支付管理费用,他们的风险是不再有稳定的客流来消费,同时每一个人都怀着一丝消极的期待,下源源不断的赌注。

耶鲁公开课 - 金融市场课程节选