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There's a great big elephant in the room called the economy. So let's start talking about that.
經(jīng)濟是個重要，而又常被避開的話題。讓我們來聊下它。
I wanted to give you a current picture of the economy. That's what I have behind myself.
我想給你們看看目前的經(jīng)濟狀況。這是我自己身后的東西。
But of course what we have to remember is this. And what you have to think about is, when you're dancing in the flames, what's next?
言歸正傳，當(dāng)然我們需要記住的，并且你們需要思考的是，當(dāng)你們在熱焰上跳舞，后面會發(fā)生什么？
So what I'm going to try to do in the next 17 and a half minutes is I'm going to talk first about the flames -- where we are in the economy --
所以在接下來的17.5分鐘里，我著意要做的是，首先要談一談這火焰，目前我們所處的經(jīng)濟狀況。
and then I'm going to take three trends that have taken place at TED over the last 25 years and that will take place in this conference and I will try and bring them together.
接著我要提出三個趨勢，這三個趨勢已經(jīng)在過去25年的TED大會上提到過，也會在這次的會議上涉及，并且我會嘗試把它們聯(lián)系到一起。
And I will try and give you a sense of what the ultimate reboot looks like.
同時嘗試展示給你們看終極的復(fù)蘇會是怎樣的。
Those three trends are the ability to engineer cells, the ability to engineer tissues, and robots. And somehow it will all make sense.
這三個趨勢是，細(xì)胞工程，組織工程，機器人工程，并且大家都會理解。
But anyway, let's start with the economy. There's a couple of really big problems that are still sitting there.
不過，我們還是從經(jīng)濟講起吧，有一些非常大的問題仍然存在。
One is leverage. And the problem with leverage is it makes the U.S. financial system look like this.
一個是杠桿化，杠桿化的問題是，它把美國的財政系統(tǒng)弄成了這個樣子。
So, a normal commercial bank has nine to 10 times leverage. That means for every dollar you deposit, it loans out about nine or 10.
一個普通的商業(yè)銀行的杠桿率是9到10倍，這意味著你存進銀行的每一塊錢都能貸出大約9或者10塊。
A normal investment bank is not a deposit bank, it's an investment bank; it has 15 to 20 times.
一個普通的投資銀行不是存款銀行，它是一個投資銀行；有著大約15到20倍的杠桿率。
It turns out that B of A in September had 32 times. And your friendly Citibank had 47 times. Oops.
結(jié)果美洲銀行在9月份是32倍。花旗銀行有47倍。喔哦。
That means every bad loan goes bad 47 times over. And that, of course, is the reason why all of you are making such generous and wonderful donations to these nice folks.
這就是說每筆壞帳會壞上47倍。那當(dāng)然，就是為什么你們做出了這么慷慨和美妙的捐贈給這些人們。
And as you think about that, you've got to wonder: so what do banks have in store for you now? It ain't pretty.
當(dāng)你們在想這件事情的時候，你們會覺得好奇：那銀行里現(xiàn)在還為你們存著些什么呢？顯然不是很棒。
