The business cycle is a series of peaks and troughs.

业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期。