So you have some asset that nobody trusts the U.S. Federal Reserve will take it on.
所以,我们有了一些没有人信任的资产,美联储将其承担下来。
You know, everyone has, but a lot of people are sort of scared to risk that.
每个人都是这样,大多数人都害怕承担风险。
Then, there came along the AIDS crisis in South Africa, and the American AIDS drugs were hugely expensive, far more than could be afforded by most Africans.
然而,艾滋危机在南非爆发之后,美国治疗艾滋病的药品却是天价,大多数非洲人根本无力承担。
But, the real technology is-- the technology that works to eliminate risks is to spread them out, to pool them, to share them among many different people.
但是真正的技术-,能够降低风险,通过风险汇聚,将风险分散,让很多人共同承担。
Nobody knows how bad the mortgage crisis is going to get but Ben Bernanke thinks that it's so important that we prevent a collapse that we should take that risk.
没有人知道抵押危机,到底会有多坏的影响,但是本?伯南克认为,预防承担那个风险所带来的暴跌,是非常重要的。
That is, nobody suffers alone.
也就是说,没有人独自承担损失。
The problem is that if you want to do risk-sharing, you're not, ideally, sharing with someone who's just like you living in Israel, working in a certain agricultural industry-- because there are lots of risks that you've already shared.
如果你真的想要达到风险分摊的效果,理论上说,就不应该只和与你的同伴,比如同住在以色列,一样从事农业的人来分摊-,因为你们承担的许多风险是正相关的。
If we had perfect financial markets-- and this is intuitive-- and I don't know how obvious this is, it's obvious to me, but it's an intuitive point of great importance-- nobody would suffer alone.
如果我们有完善的金融市场-,这就很直观-,我不知道这有多直观,至少我觉得显而易见,这是一个很重要的观点-,也就是,没有人会独自承担风险。
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