布什说：“普通民众很难理解现在的体系有多糟，过度杠杆化又有多严重。”

"It is hard for the average citizen to understand how frozen the system became and how over-leveraged the system became," Bush said.

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而在亚洲货币危机爆发，俄罗斯违约以及拯救过度杠杆化的长期资本管理公司(LTCM)的背景下，市场对全球陷入衰退感到恐慌。

Then there was wide fear of world recession after the Asian currency crisis, the Russian default and the rescue of Long-Term Capital Management, an overleveraged hedge fund.

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西方私有化的金融体系出现了结构性瓦解——他们将资本转化为数以百兆计债务，过度的财务杠杆制造了巨大的泡沫，这些泡沫必然破裂。

The private Western financial system is structurally broken. The extraordinary leveraging of capital, into hundreds of trillions of debt, created a bubble that had to burst.

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