THERE is another way of looking at the current balance-sheet recession.

还有另一种方式看待目前的资产负债表衰退。

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The result was not a rapid return to prosperity in the West, but after such a big balance-sheet recession that was never going to happen.

西方最终并没有快速回归繁荣，但是经历了如此巨大的资产负债表衰退后，再也没有重蹈覆辙。

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This is mainly a balance-sheet recession precipitated by a financial crisis. And it is a downturn that it is unusually synchronised around the globe.

这有可能是由金融危机引起而表现在资产负债表上的下滑，并且此次下滑不同寻常，在全球都同时出现。

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Some very smart forecasters, such as Forbes columnist A. Gary Shilling and newsletter writer John Mauldin, think the U.S. is in a balance-sheet recession.

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In formerly bubble economies, it is largely a balance-sheet recession.

ECONOMIST: World economy

So when the Fed is on an easing course, driving both short-term and long-term rates lower to cope with a balance sheet driven recession, the safe thing for investors to do is to buy bonds, stocks, and commodities, as they tend to move higher with lower interest rates as has been the case in the aftermath of the subprime crisis.

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