联邦储备银行在经济体中创造的过量信用，被股票市场所吸收——从而刺激了投机行为并产生了一次荒谬的繁荣。

The excess credit which the Fed pumped into the economy spilled over into the stock market-triggering a fantastic speculative boom.

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从货币供给角度分析，电子货币的普及会对信用创造过程产生影响，使得信用乘数上升。

Analyzing from the money supply Angle, we think that the spread of electronic currency will influence the credit creation and make the money multiplier rising.

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