Invest long, borrow short and leverage up as much as possible. That is the way to make money in finance. It is how banks have always made their living. But we also know very well that this story can end in panic-stricken runs for the exit and financial crises. That is what happened in the great financial crisis (GFC) of 2007-09. Since then, as the Bank for International Settlements explains in its latest Annual Economic Report, the financial system has changed a great deal. But this central characteristic has not.
長線投資、借短債、盡量加杠桿。這是金融業的賺錢之道。銀行一直以來都靠這種方式謀生。但我們十分清楚，故事也可能以資金恐慌性出逃和金融危機收場。2007-09年的全球金融危機中就發生了這樣的景象。自那以來，就如國際清算銀行(Bank for International Settlements)在其最新《年度經濟報告》中所闡述的，金融體系發生了巨大變化。但是這個核心特色并沒有改變。
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