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正文翻譯：
Thought the global financial crisis in 2008 was caused by subprime bonds, collateralized debt obligations (CDOs) and other Wall Street engineering? Think again.
你覺得2008年的全球經濟危機是由次級貸款、債務抵押債券(CDOs)和其他華爾街的項目引起的么？你得再想想看了。
According to a new study, China, not Wall Street bankers, was responsible for the global crisis and the ensuing recession.
根據一項新的研究，中國，而不是華爾街的銀行家們，應該為這次全球經濟危機以及之后的經濟衰退負責。
The study from the Erasmus Research Institute of Management says the saving frenzy of the Chinese created the cheap money, which fueled the U.S. housing bubble and its collapse.
伊萊姆斯管理研究所的研究表明，中國對儲蓄的狂熱產生了廉價貨幣，而這直接導致了美國房地產泡沫的出現和行業(yè)的崩盤。
Heleen Mees, writer of the study and assistant economics professor at Tilburg University in the Netherlands, says that exotic mortgage products could hardly have been the cause of the U.S. housing market bubble and the its ultimate collapse.
荷蘭蒂爾堡大學的經濟學助理教授Heleen Mees聲稱，外來的抵押產品很難導致美國房地產市場的泡沫，更不會致使市場崩盤。
According to the study, mortgages with those special features -- like mortgage-backed securities and CDOs -- accounted for less than five percent of the total number of new mortgages from 2000 to 2006.
根據這份研究，那些性質特殊的抵押貸款——比如按揭證券和債務抵押證券——在2000年到2006年貸款抵押業(yè)務的比重中僅占不到5%。
Mees, author of three books and contributor for Foreign Policy magazine, says it was the "loose" monetary policy of the Federal Reserve at the beginning of the decade which sparked a refinancing boom in the U.S. in 2003 and 2004 and a growth in personal spending.
Mees，三本著作的作者和外交政策雜志的撰稿人，說是美聯儲在最近十年初的寬松政策導致了03和04年興起并持續(xù)近十年的重新募集資金熱潮，并引發(fā)了個人消費水平的上漲。
This U.S. spending binge fueled economic growth in China and in turn boosted total savings in that country.
美國的消費熱潮助長了中國的經濟增長，反過又推動了該國的總儲蓄水平。
The study, which compared financial market responses to U.S., Chinese and German quarterly GDP from 2006 through 2009, shows that the Chinese have been saving more than half of their GDP during that time. Those savings were heavily skewed towards fixed income assets like government bonds and depressed interest rates worldwide from 2004 on.
該研究把2006至2009年間美國，中國，德國每季度的GDP與金融市場的反應作了對比。研究表明，在此期間，中國的儲蓄水平一直高于他們GDP的一半。這些儲蓄又向政府債券這類的固定收益資產嚴重傾斜，從而壓低了2004年以來世界范圍內的利率水平。
This allowed for interest rates around the world to fall, and sparked a boom in the U.S. housing market due to the availability of cheap money.
由于可以獲得廉價資金，這就為全世界利率下降留出了余地，并引發(fā)了美國房地產市場的繁榮。
The study also argues that Ben Bernanke, chairman of the U.S. Federal Reserve, set the world up for the Great Recession by providing the "intellectual backing for the aggressive rate cuts in the early 2000s."
該項研究也認為，美聯儲主席伯南克提供了支持在本世紀初的頭十年積極削減利率的智囊意見，從而一手導演了大蕭條。
With so many books out on the financial crisis, Mees recommends people read Economic Development with Unlimited Supplies of Labor by Arthur Lewis and she says people should avoid one of the blockbusters on the crisis, The Big Short by Michael Lewis
隨著許多關于金融危機的書籍的問世，Mees推薦人們閱讀 Arthur Lewis寫的《Economic Development with Unlimited Supplies of Labor》(譯注：中文譯名《勞動力無限供給下的經濟發(fā)展》)一書，她書中說，人們應該避免其中一個金融危機大片的上演。還有Michael Lewis的《The Big Short》(譯注：中文譯名《大空頭》)。
評論翻譯:
Kenton 11 hours ago
So, the US Federal Reserve's "loose money policy" sparking a spending boom based on low cost financing didn't cause the economic collapse...it was the Chinese for diligently saving from their meagre earnings.
Yeah! Right.
那么也就是說，美聯儲的“貨幣寬松政策”雖然導致了基于低成本信貸的消費急劇擴張，卻不是引起經濟崩潰的罪魁禍首。。。該責怪的是那些從微薄收入中辛苦積攢的中國人。
好吧！你說得對。
yahooreader 6 hours ago
E, interest rates are low mainly because the Fed has been and still is printing money like never before in US history. Maybe like the Romans did in their final decades.
厄，利率過低是因為美聯儲直到現在還在大量印鈔，這種行為在美國歷史上前所未有，就像羅馬人在他們最后幾十年里所做的一樣。
The Dude 16 hours ago
"The saving frenzy of the Chinese created the cheap money, which fueled the U.S. housing bubble and its collapse". Yeah, and farmers cause the US obesity epidemic because they produce food.
“中國對儲蓄的狂熱產生了廉價貨幣，而這直接導致了美國房地產泡沫的出現和行業(yè)的崩盤�！闭f的太好了，是農民導致了美國人的肥胖癥，誰叫他們把食物生產出來的。
yahooreader 6 hours ago
TD, best quote of the day: "farmers cause the US obesity epidemic because they produce food".
一針見血，近日最佳回復：“是農民導致了美國人的肥胖癥，誰叫他們把食物生產出來的。”
treesmiths3 12 hours ago
I thought we needed to blame Bush, or Cheney, or the wars. Now its the evil savers in China, how thoughtless of them. Blame anyone but ourselves!
我覺得我們應該指責布什、切尼或者戰(zhàn)爭。把矛頭指向邪惡的中國儲蓄者，那幫人還真是夠無腦的。除了我們自己，誰也別怪！
Alan Greenspan 6 hours ago
Forget these media crooks and liars. Go to AVA Investment Analytics for real insight from the man with the leading record on the collapse who has backed this claim with a $100,000 reward if you can prove otherwise.
忘了這幫媒體騙子吧。去AVA投資分析公司看看真正的分析吧，是由一個在危機中業(yè)績最好的家伙寫的，他懸賞十萬美刀給能夠證明他錯了的人。
Chuck 11 hours ago
Who wrote this cover piece for the banks and rating agencies? And your blaming the Chinese... Please.... whoever came up with this drivel needs to try again... What a trojan horse article.
這是誰給那幫銀行和評級機構寫的槍手文？指責中國人。。。幫幫忙。。。寫這篇弱智文章的家伙要再努力努力。。。這文章純屬幫倒忙。
Alan Greenspan 9 hours ago
To learn the truth about the CNBC crooks, go to AVA Investment Analytics and read "Watch TV Make Money Who is Really Making Money?" 11 part series on AVA site about CNBC and the rest of the media crooks who rip off their audience every day!
要了解CNBC那幫騙子的真相，去AVA看看這個系列報道，“誰在真正賺錢系列之看電視賺錢？”一共AA集，在AVA網站上，講CNBC和其他媒體騙子每天是怎么狠宰觀眾的。
Brian 13 hours ago
I nominate this article for "dumbest article of the year."
我提名這篇文章為“年度最弱智文章”
My name 10 hours ago
This is kind of story Wall Street people like to hear. They can do anything to empty your saving and retirement now, since it is China's fault for them to create those empty trust.
這種故事華爾街那幫人愛聽。他們無所不用的掏空我們的積蓄然后退休，反正有中國給他們(編出來的的假信托)背黑鍋。
Tina 13 hours ago Who
created all those trillions our of thin air for the Chinese to save? Alan Greenspan with his low rate policies to stimulate the economy ended up overseas with China. Duh.
憑空變出幾萬億的鈔票，難道就為了給中國人存起來？格林斯潘刺激經濟的低息政策最終便宜了中國人？哈。
Maximus 14 hours ago
This story has been told before ... Its very shallow. Perhaps a better analysis would to look at the impact of 30 years of outsourcing manufacturing that created trade imbalances and study the long term affects of that policy by US companies.
這故事以前有人講過。。。非常淺薄。要分析得更靠譜點可以去看下30年來制造業(yè)外流導致的貿易失衡所帶來的影響，也可以去研究下這些把制造部門搬到海外的美國公司所帶來的長期影響。
Papabear 10 hours ago
buyers of trashes are the causes of the contaminations of trashes? that's the same logic as the victim of rape is the reason for rape to happen. only wall street banksters and their pets can come up with that kind of logic
買下垃圾的人是造成垃圾污染的原因？同樣的邏輯，被強奸的成了強奸發(fā)生的理由？只有華爾街那幫金融騙子和他們養(yǎng)的狗能想出這種邏輯。
Vourn is Rad 12 hours ago
Huh??? Greed was the cause of the collapse. Everyone who participated had a role. From those who really couldn't afford the subprime mortgages to the investors who bought and packaged it as hedged funds in the secondary market.
Everyone made off in one way or another til it all came crashing down.
哈？？？貪婪是崩潰的原因。所有參與者都有份，從那些真還不起次貸的家伙，到在二級市場里把次貸打包成封閉式基金的投資者。
每個人都以這種或那種方式溜走(譯者注：指斷供)，直到一切全完蛋。
practicaltalk 13 hours ago
when you cant swim, you put the blame on the manufacturer of the swimming costume and trunk. When you smoke heavily and was infected with terminal illness, you put the blame on the manufacturer of tobacco and the plantations..
如果你不會游泳，你去指責生產泳衣泳褲的廠家。如果你煙癮很大最終惡疾到了晚期，你去指責煙草商和種植園。。。
Daren Ma 5 hours ago
so are they encourage us to save less, spend more and borrow more, so we can be more in debt ???!!!!???,
那么他們鼓勵我們少存錢，多花錢，多借錢，讓我們背上一屁股債，有木有？？？�。。�？？？
martin m 7 hours ago
Saving is a good thing. It's what enables companies to borrow for capital expansion. The Chinese, and their money-saving ways, had nothing to do with the crazy lending practices and fraud perpetrated by the banks and Wall Street
存錢是好事。它使得公司能夠借到錢來進行資本擴張。中國人，還有他們的儲蓄之道，跟華爾街那幫人搞出來的瘋狂借貸與欺詐沒啥關系。
Andi 12 hours ago
So, the one thing I'm learning from this article is don't send your kids to Netherlands, Tillburg University or they are sure to be the dumbest college educated kids around blaming everybody else.. China created 2008 recession, the cow ate my homework, yada, yada, yada.. Can't believe she is an assistant professor.. I feel bad for the kids that are paying ridiculous tuition to learn from this professor.
好吧，我從這篇文章里學到一點，別把你的孩子送到荷蘭去。Tillburg 大學絕對是最傻逼的大學，教孩子們怎么去指責其他人。。。是中國引發(fā)了08年的衰退，是母牛吃了我的作業(yè)等等等等...難以相信她居然還是副教授，真為那幫付錢去她那讀書的孩子感到難過。
Fredna 8 hours ago
If you look, the fed started dropping interest rates through the floor in during 2001 in the Clinton years (6% - 1.25%). Comparatively, China increased it US debt holdings by a factor of nearly 10 (181 billion to 1.6 Trillion). You wonder...
如果你觀察過，在01年克林頓時期，美聯儲開始降息，直降到谷底(從6%降到1.25%)。相比之下，中國持有的美國國債幾乎翻了10倍(從1810億到1.6萬億)。你想想看。。。
sandnig 15 hours ago
So first she blames it on China and then for fear of getting backlash she says "The study also argues that Ben Bernanke, chairman of the U.S. Federal Reserve, set the world up for the Great Recession". Coward. Bernanke and Wall Street, they sleep together.
一開頭她指責中國，然后又害怕反對聲太大，補充道：“該研究同時認為，是美聯儲主席伯南克，使世界做好了應對大衰退的準備”。懦夫伯南克和華爾街是睡一張床的。
el fongerino 16 hours ago
The money may have been cheap, but who figured out how to steal it? Not the Chinese, Heleen. What you're saying is that honest, hardworking people who save money encourage thieves, because they have surplus money available to be stolen. By your logic, the honest, hardworking person is guilty, not the thief. GMAB!
鈔票可能確實廉價了，但誰教你去偷了么？不是中國人，Heleen。你的觀點是，誠實勤勞的人攢錢給了小偷動力，因為他們有多余的錢可偷。按你的邏輯，誠實、辛勤工作的人才是罪犯，小偷反倒不是。
Steve 7 hours ago
I am hearing Bart Simpson's saying, "I didn't do it." over and over in my head. Why?
為啥我腦子里在一遍遍回放Bart Simpson的那句名言：“我沒干過”。
中國人是原罪
好累，感覺不會再噴了··本周看到的最棒的笑話..死兔子中槍倒地血流不止根源還是丘處機當年過牛家村又是一盤棋？龍騰網萬歲哎呀，我太厲害了！
我啥都沒做，就導致了08年的經濟危機啊。這這這，一黑賽十粉啊。。。。兔子倒地中槍，錢沒花到，槍還中了不少“中國對儲蓄的狂熱產生了廉價貨幣，而這直接導致了美國房地產泡沫的出現和行業(yè)的崩盤”
我才疏學淺，這個直因果關系真的沒法理解是怎么直接的so,NO
Occupation of Wall Street
來占領北京
so,NO
Occupation of Wall Street
來占領北京
我擦，這什么電影，嚇尿了那我們還是看看丘處機吧Fredna 8 hours ago
If you look, the fed started dropping interest rates through the floor in during 2001 in the Clinton years (6% - 1.25%). Comparatively, China increased it US debt holdings by a factor of nearly 10 (181 billion to 1.6 Trillion). You wonder...
如果你觀察過，在01年克林頓時期，美聯儲開始降息，直降到谷底(從6%降到1.25%)。相比之下，中國持有的美國國債幾乎翻了10倍(從1810億到1.6萬億)。你想想看。。。
評論基本上是倒向兔子的節(jié)奏....兔子不知道會作何感想，估計是揉揉膝蓋吧！
“中國對儲蓄的狂熱產生了廉價貨幣，而這直接導致了美國房地產泡沫的出現和行業(yè)的崩盤”
我才疏學淺，這個直因果關系真的沒法理解是怎么直接的
剛危機就有這個說法了。還不如賴到丘處機身上呢。08年只是預演把。
“中國對儲蓄的狂熱產生了廉價貨幣，而這直接導致了美國房地產泡沫的出現和行業(yè)的崩盤”
我才疏學淺，這個直因果關系真的沒法理解是怎么直接的
意思是說，中國人往銀行里存了太多錢，于是本來沒錢的美國本來早在十年前就該反思自己的金融政策，但因為有了中國這個大提款機，他們大把的從中國借錢(那些中國人存起來的錢)，于是造成了美國的問題
基本意思就是，我向你錯錢不是我的錯，你借給我錢也不是我的錯，錯在于你就不該有值得我一借的錢