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Debt is used to finance the purchase of assets, and the greater availability of credit pushes asset prices higher.
債務被用來資助資產購買，而且債務的可得性的增大也把資產價格推得更高。
From time to time, however, lenders lose faith in borrowers' ability to repay and stop lending; a fire sale of assets can follow, further weakening the belief in the creditworthiness of borrowers.
然而，不時地，債權人失去對債務人還本付息并停止舉債的信心；一輪資產賤賣可能隨之而來，進一步摧毀了對舉債人信譽的信心。
Central banks then step in to cut interest rates or (since 2008) to buy assets directly.
之后，各國央行紛紛介入，或是降低利率，或是（自2008年以來）直接購入資產。
This brings the crisis to a temporary halt but each cycle seems to result in higher debt levels and asset prices.
這讓危機得以暫時喘息，但是，每一輪周期似乎都以越來越高的債務水平和資產價格而收場。
The combined valuation of bonds and equities in the developed world is higher than ever before.
發達國家的債券和股票的綜合估值比之前什么時候都高。
All this suggests that the financial system could be due another crisis.
這一切表明，金融體系可能是在劫難逃的下一場危機。
Deutsche makes several suggestions as to what might cause one, from a debt-related crash in China, through the rise of populist political parties to the problem of illiquidity in bond markets.
德意志銀行對什么可能造成下一場危機提出多個建議，從中國方面的一場與債務有關的崩潰，經由各種民粹主義政黨的興起，到債券市場流動性不足的問題。
The most likely trigger for a sell-off is the withdrawal of support by central banks; after all, the monetary authorities are generally credited with having saved the global economy and markets in 2009.
最有可能的拋售導火索是來自各國央行的對于支持的撤回；畢竟，從總體上來說，各國貨幣當局被認為在2009年拯救是全球經濟和市場。
In America the Federal Reserve is pushing up interest rates and reducing the size of its balance-sheet; the European Central Bank seems likely to cut the scale of its asset purchases next year; the Bank of England might even increase rates for the first time in more than a decade.
在美國，美聯儲正在推高利率并降低資產負債表的規模；歐洲央行似乎有可能消減下一年度的資產購買規模；英格蘭銀行甚至有可能十多年來第一次升息。
Central banks are well aware of the dangers, of course; that is why interest rates are still so low, even though developed economies have been growing for several years.
當然，各國央行對危險有著清醒的認識；這就是即便發達經濟體這幾年一直在增長，利率為什么還是這么低的原因。
But the process of withdrawing stimulus is tricky.
但是，撤回刺激的過程存在難度。
A big sell-off in the government-bond markets in 1994 started when the Fed tightened policy after a period when rates were kept low during the savings-and-loan crisis.
1994年的一場政府債券市場的大規模拋售就是在美聯儲收緊了政策之際開始的，當時正值y一輪利率在那場儲蓄和借貸危機中被維持在低位的周期之后。
The high level of asset prices means that any kind of return to “normal” valuation levels would constitute a crisis, on Deutsche's definition.
根據德意志銀行的定義，高高在上的資產價格水平意味著向著“正常”估值水平的任何形式的回歸都會造成一場危機。
That might mean that central banks are forced to change course and loosen policy again.
這可能表明，各國央行被迫轉向并再次放寬政策。
But the process would take a little time; central banks will not want to appear too enslaved to the markets.
但是，這一過程會占用很少的時間；央行不想似乎過于受制于市場。
Many investors will want to ride out the volatility; that has been a winning strategy in the past.
許多投資者想要安然度過這波驚濤駭浪；過去曾有過一種制勝策略。
The problems will emerge among those investors who have borrowed money to buy assets—in America the volume of such debt exceeds the level reached in 2008.
問題將出現在那些用借來的錢購買資產的人之中——在美國，這類債務的總量遠遠超過2008年曾經達到的水平。
The big question is which is the most vulnerable asset class.
大問題是，哪一類是最脆弱的資產類別。
American mortgage-backed securities were the killers in 2008; it is bound to be something different this time round.
美國的抵押證券曾在2008年充當過殺手；這一次，肯定會是某種不一樣的東西。
譯文來源考研英語時事閱讀
