The business cycle is a series of peaks and troughs.

业周期是一系列的高峰期和低谷期。

Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.

虚假的信贷膨胀——不是通过储蓄创造出来的信贷——通过制造大量资本的错误投资而导致业周期。

The business cycle is a series of peaks and troughs.

商业一系列的高峰和低谷。

Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.

虚假的信贷膨胀——过储蓄创造出来的信贷——过制造大量资本的错误投资而导致商业。

The business cycle is a series of peaks and troughs.

商业周期是一系列的高峰期和低谷期。

Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.

虚假的信贷膨胀——不是通过储蓄创造出来的信贷——通过制造大量资本的错误投资而导致商业周期。

The business cycle is a series of peaks and troughs.

商业周期是一系列的高峰期和低谷期。

Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.

虚假的信贷膨胀——不是储蓄创造出来的信贷——造大的错误投而导致商业周期。

The business cycle is a series of peaks and troughs.

商业周期是一系列高峰期和低谷期。

Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.

虚假贷膨胀——不是通过储蓄创造出贷——通过制造大量资本资而导致商业周期。

The business cycle is a series of peaks and troughs.

商业周期是一系列的高峰期和低谷期。

Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.

虚假的信贷膨胀——不是通过储蓄来的信贷——通过制大量本的错误投致商业周期。

The business cycle is a series of peaks and troughs.

商业周期是一系列期和低谷期。

Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.

虚假信贷膨胀——不是通过储蓄创造出来信贷——通过制造大量资本错误投资而导致商业周期。

The business cycle is a series of peaks and troughs.

商业周期是一系峰期和低谷期。

Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.

虚假信贷膨胀——不是通过储蓄创造出来信贷——通过制造大量本错误投而导致商业周期。

The business cycle is a series of peaks and troughs.

商业周期是一系列的高峰期和低谷期。

Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.

虚假的信——不是通过储蓄创造出来的信——通过制造大量资本的错误投资而导致商业周期。

The business cycle is a series of peaks and troughs.

商业周期是一系列高峰期和低谷期。

Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.

虚假膨胀——不是过储蓄创造出来——过制造大量资误投资而导致商业周期。