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By reducing the need for radical innovation, the speed and efficacy of the response left the world economy less reformed and so vulnerable to the same forces that made the crisis possible in the first place.
通過降低對全面創新的需求，應對的速度和效率讓世界經濟處于一種改革欠缺的狀態，使之在面對最初使這場危機成為可能的同樣的力量時是如此的脆弱不堪。
Several shortcomings stand out.
幾大缺陷原形畢露。
In dealing with the Depression, governments ultimately discarded the gold standard, the global currency regime that helped propagate the disaster.
在應對大蕭條中，各國政府最終拋棄了金本位制，這種曾經為那場災難的傳播起到了推波助瀾作用的全球匯率制度。
Countries on gold sacrificed monetary-policy independence, and had to respond to a loss of market confidence with an economy-bashing increase in interest rates, for instance.
實施金本位制的國家奉獻出了貨幣政策的獨立性，卻不得不對經濟體打擊利率上升的市場信心的失去作出反應。
The system transmitted distress around the world.
這一體系將沮喪傳遍了整個世界。
When one country acted to build up its gold reserves, others saw a sudden drain on theirs.
當一個國家行動起來構建其黃金儲備時，其他國家看到的是自身儲備的驟然耗盡。
The sooner a country left gold in the 1930s, the sooner its recovery began.
在上世紀30年代，一個越早地放棄金本位制，其復蘇越早地開始。
But the international system that facilitated the more recent financial crisis has been neither abandoned nor reformed.
但是，造成了最近這場金融危機的國際體系既沒有被放棄也沒有得到改革。
Open capital flows can put countries at the mercy of sudden swings in market sentiment.
開放的資本流動能夠讓國家成為市場情緒忽上忽下的犧牲品。
To manage this, many emerging markets accumulate foreign-exchange reserves, which can be drawn on in crisis.
為了治理這種情況，許多新興市場積累了可以在危機中被提取出來的外匯儲備。
But these reserves add to a global glut of capital which depresses interest rates and encourages borrowing.
但是，這些儲備加重了一種抑制利率并鼓勵舉債的全球資本過剩。
Because reserves are so often held in the form of dollar-denominated bonds, they can destabilise the American economy.
由于儲備常常都是以美元計價的債券的形式被持有，它們能夠動搖美國經濟。
They also heighten the world's exposure to American financial stumbles.
而且它還加大了世界各國之于美國金融動蕩的風險敞口。
This regime helped turn an American housing bust into a global crisis, and remains in place now.
這種制度曾經促成了美國房地產泡沫成為一場全球危機的轉化，而且如今依舊當道。
