The uncomfortable truth is this: central Banks, as monopoly producers of base money, have the capacity to enforce any yield level they wish to see in credit markets.

令人不快的事实是：作为基础货币垄断生产商的央行，有能力强行实施他们希望在信贷市场所看到的任何市场收益产量水平。

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This means that if France were to lose its top credit rating-the latest fear in the markets-the EFSF would lose a big chunk of its lending capacity (or its AAA rating).

也就是说一旦法国信用评级下降——市场最近正在担忧——欧洲金融稳定基金(EFSF)的放贷能力会大打折扣(或其AAA的信用评级下降)。

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Increased demand from the U.S will come at a time when manufacturing capacity is constrained by the high cost of credit.

每当制造能力受到高信贷成本的约束时，来自美国的增量需求都会如约而至。

youdao

The report also highlights a "disconnection" between the capacity of credit unions and the high aspirations placed on them to help improve social justice, economic development and even education.

BBC: Credit unions 'could close if funding withdrawn'

Now this vicious contraction of banks' capacity to borrow or fund themselves is exacerbated by the downgrading of their credit-worthiness by ratings agencies.

BBC: Business

America's government is working hard to revive markets for securitised debt, aware that banks lack the balance-sheet capacity to absorb all of those credit-card receivables and auto loans.

ECONOMIST: Investment banking: Wall Street's annus horribilis | The