The business cycle is a series of peaks and troughs.

商业周是一系列的高低谷。

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。

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——不是蓄创造出来的信贷——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.

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.

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。

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——不是通储蓄创造出来的信贷——通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。