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业周期。

The business cycle is a series of peaks and troughs.

商业周期列高峰期和低谷期。

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

虚假信贷膨胀——不过储蓄创造出来信贷——过制造了大量资误投资而导致了商业周期。

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——过制了大量资本错误投资而导致了商业周期。

The business cycle is a series of peaks and troughs.

商业是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——不是过储蓄创造出来的信贷——过制造了大量资本的错误投资而导致了商业。

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——不是过储蓄创造出来信贷——过制造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.

虚假信贷膨胀——不是过储蓄创造出来信贷——过制造了大量错误投而导致了商业周期。

The business cycle is a series of peaks and troughs.

商业周是一系列高峰和低谷。

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

膨胀——不是过储蓄创造出来——过制造了大量资本错误投资而导致了商业周。

The business cycle is a series of peaks and troughs.

商业周期列高峰期和低谷期。

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

虚假信贷膨胀——不过储蓄创造出来信贷——过制造了大量资误投资而导致了商业周期。

The business cycle is a series of peaks and troughs.

商业周是一系列的高峰和低。

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

假的膨胀——不是过储蓄创造出来的——过制造了大量资本的错误投资而导致了商业周。