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對比 Barrons

http://barrons.blog.caixin.com/archives/45029

「銀行信用擴張驅動了商業週期的所有階段：以貨幣供應擴張和不良投資為特徵的，膨脹的繁榮時期；危機在信用擴張停止時到來，讓不良投資得以暴露；以及蕭條式的恢復，這一必需的調整過程讓經濟回到最有效率的方式來滿足消費者的需求。」

---Murray Rothbard《美國大蕭條》

   

   

"Thus, bank credit expansion sets into motion the business cycle inall its phases: the inflationary boom, marked by expansion of themoney supply and by malinvestment; the crisis, which arrives whencredit expansion ceases and malinvestments become evident; and thedepression recovery, the necessary adjustment process by which theeconomy returns to the most efficient ways of satisfying consumerdesires. "  

---Murray Rothbard 《America's GreatDepression》

  

M2的變化。紅線為美國，起始年份（1920）為1。綠線為日本，起始年份（1980）為1。藍線為中國，起始年份（2000）為1。

M2與GDP的比值變化。紅線為美國，起始年份（1920）為1。綠線為日本，起始年份（1980）為1。藍線為中國，起始年份（2000）為1。圖中可見四萬億的作用。

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