犹太人对人类的战争 —The Jews’ War On Humanity
第五部分——2008年美国非犹太裔住房危机（2/4）– Part 5 – The 2008 US Gentile Housing Crisis (2 of 4)
由拉里·罗曼诺夫撰写
翻译：Pearl
后果：The Aftermath:
个人与家庭 — Individuals and Families
企业 — Businesses
投资者 — Investors
投资银行 — The Investment Banks
投资银行 — International
国际 — The Beneficiaries
受益者 — The Vultures
秃鹫纾困 — The Bailouts
让我们来一场金融危机 — Let’s Have a Financial Crisis
个人与家庭 — Individuals and Families
This immense fraud resulted in one of the largest transfers of wealth in modern history. The losses for the American middle and lower classes were catastrophic and occurred across multiple fronts: home equity, retirement savings, and income. But the 2008 crisis was not a period of universal loss. While it is possible to quantify the staggering losses suffered by the American public, it is also possible to identify the primary beneficiaries. It was a period where financial wealth was destroyed for the many and consolidated for the few. Those who benefited were the top 1%, or the top 1/10th of 1%. These were the most wealthy, consisting of senior executives and traders at the same financial institutions that enacted this fraud, the partners at private equity and hedge funds, those who bought the foreclosed homes, and the ultra-wealthy who had the cash to invest in distressed assets at the bottom of the market.
这场巨大的欺诈导致了现代历史上规模最大的财富转移之一。美国中产阶级和下层阶级遭受了灾难性的损失，这些损失涉及多个方面：房屋净值、退休储蓄和收入。但2008年的危机并非一个普遍损失的时期。尽管可以量化美国公众所遭受的惊人损失，但同样也可以确定主要的受益者。这是一个金融财富为多数人被摧毁、为少数人被集中的时期。受益者是顶层1%的人，或者是顶层0.1%的人。这些最富有的人包括实施这场欺诈的金融机构的高级管理人员和交易员、私募股权和对冲基金的合伙人、购买止赎房屋的人，以及那些有现金在市场底部投资不良资产的超级富豪。
The mechanism was clear: Trillions of dollars in housing and retirement wealth were wiped out from the balance sheets of ordinary Americans. But this value did not simply vanish; the bulk of it was captured through foreclosures, fire-sale purchases, and financial market maneuvers by a small and powerful group. The aftermath proved the reality that, in all these schemes concocted by the Khazar Jews, the risks and losses are all socialised (borne by the public), while the gains are all privatised in the hands of a few.
机制十分明确：普通美国人的资产负债表上，数万亿美元的住房和退休财富被一笔勾销。但这些价值并未就此消失；其中大部分是通过止赎、贱价收购和金融市场操纵，被一小撮有权势的集团所攫取。后果证明了这样一个事实：在可萨犹太人策划的所有这些阴谋中，风险和损失全部被社会化（由公众承担），而收益则全部被少数人私有化
The median US household lost about 30% of its net worth between 2007 and 2009. For the average family, this wiped out nearly two decades of wealth accumulation. Retirements were delayed, college funds emptied, and household financial security was destroyed. American households lost about $10 trillion in home equity and real estate values. The median sales price of existing homes fell from a peak of $257,400 in 2005 to a trough of $165,400 in 2011. Over 10 million Americans lost their homes to foreclosure. Millions more were “underwater,” owing more on their mortgage than their home was worth.
2007年至2009年间，美国家庭的净资产中位数缩水了约30%。对于普通家庭而言，这几乎抹去了近20年的财富积累。退休计划被推迟，大学基金被掏空，家庭财务安全遭到破坏。美国家庭在房屋净值和房地产价值上损失了约10万亿美元。现房销售价格中位数从2005年的峰值257,400美元跌至2011年的低谷165,400美元。超过1000万美国人因丧失抵押品赎回权而失去了自己的房屋。还有数百万人处于“资不抵债”状态，即抵押贷款金额超过房屋价值。
In terms of retirement and investment savings, the S&P 500 index fell nearly 60% from its 2007 peak to its 2009 trough. The 401(k) and IRA pension accounts, which millions relied on for retirement, lost nearly $3 trillion in value. Millions of individuals were forced to either delay retirement or come out of retirement and try to find a job to survive. In terms of income and employment, the U.S. lost nearly 10 million jobs, and the unemployment rate doubled to 10%. The median household income fell by 10% between 1999 and 2012, a decline that took years to recover from. There was widespread financial desperation, increased poverty, and long-term career damage for those laid off. There were many reports that about between 25% and 35% of the US population were suddenly living “paycheck to paycheck”. Many reports stated that a full 50% of Americans descended from the Middle Class to the Lower Class, a plunge which was considered unrecoverable for nearly all of them.
在退休和投资储蓄方面，标准普尔500指数从2007年的峰值跌至2009年的低谷，跌幅近60%。数百万人赖以养老的401(k)和IRA养老金账户价值缩水近3万亿美元。数百万人被迫推迟退休，或退出退休状态，试图找到工作以维持生计。在收入和就业方面，美国失去了近1000万个工作岗位，失业率翻倍至10%。1999年至2012年间，家庭收入中位数下降了10%，这一降幅花了数年时间才得以恢复。被裁员者普遍陷入财务困境，贫困加剧，职业生涯也受到长期损害。许多报道称，约25%至35%的美国人口突然过上了“月光”生活。还有许多报道指出，整整50%的美国人从中产阶级跌入下层阶级，几乎所有人都认为这一跌落是不可挽回的。
Why would the housing crash affect the entire US population? The NINJA borrowers would have defaulted and lost their homes, but all the people who already owned a home at the time, should have been unaffected. Housing prices did plummet 30% to 50% in most states, so many homeowners would have discovered they were underwater. But how would this have affected those who didn’t participate in the securities scam, and why would the collapse have affected ‘normal’ homeowners? This is actually a crucial question that gets to the heart of why the 2008 crisis was a systemic financial crisis and not just a housing market correction. I will try to explain.
为什么房地产崩盘会影响到整个美国人口？NINJA（无收入、无工作、无资产）借款人会违约并失去他们的房屋，但当时已经拥有房屋的所有人本应不受影响。大多数州的房价确实暴跌了30%至50%，因此许多房主会发现他们的房屋价值低于贷款余额。但这会对那些没有参与证券骗局的人产生什么影响呢？为什么崩盘会影响到“正常”的房主呢？这实际上是一个关键问题，它触及了2008年危机是一场系统性金融危机而不仅仅是房地产市场调整的核心。我将尽力解释。
The housing crash wasn’t contained but spread through multiple channels that destroyed consumer confidence, paralysed business activity, and forced widespread layoffs. The securitisation of all those millions of mortgages made every homeowner (and everyone else) vulnerable after the crash. In particular, the credit freeze affected employment far beyond the housing sector. There were three main transmission channels for the devastation to spread. (1) The direct wealth effect from house prices plummeting; (2) The indirect employment effect from the credit freeze, and (3) the psychological impact on consumer behavior. The combination of these explains why “normal” homeowners couldn’t escape the fallout. The damage radiated out from the housing market through those several powerful channels, affecting nearly everyone, even those who owned their homes outright. The problem wasn’t just that individual homeowners were underwater; it was that the entire economy was built on the value of those homes. When that foundation crumbled, the whole structure reverberated. Keep in mind that house prices in the US had doubled and even tripled in the prior decade, so the bubble was huge and that artificial “wealth” was supporting the economy that was still reeling from the dot-com bubble.
房地产崩盘并未得到控制，而是通过多个渠道蔓延开来，摧毁了消费者信心，使商业活动陷入瘫痪，并迫使企业普遍裁员。数百万抵押贷款的证券化使得每个房主（以及其他所有人）在崩盘后都变得脆弱不堪。特别是，信贷冻结对就业的影响远远超出了房地产行业。破坏性蔓延有三个主要传播渠道：（1）房价暴跌带来的直接财富效应；（2）信贷冻结带来的间接就业效应；以及（3）对消费者行为的心理影响。这些因素共同解释了为什么“正常”房主无法逃脱其影响。损害通过这几个强大的渠道从房地产市场辐射开来，几乎影响了每个人，甚至是那些完全拥有自己房屋的人。问题不仅仅在于个别房主资不抵债；而在于整个经济是建立在这些房屋价值之上的。当这个基础崩溃时，整个结构都会产生连锁反应。请记住，在过去十年里，美国的房价已经翻了一番甚至三番，因此泡沫巨大，而这种人为的“财富”支撑着仍在从互联网泡沫中挣扎的经济。
The first problem was what is termed the “Wealth Effect”: (The “ATM” is Closed). For decades, rising home values made Americans feel wealthier. Seeing their net worth increase on paper made people feel confident and willing to spend more freely. They borrowed against this perceived wealth to fuel their spending. People used their homes like an ATM, the rising equity being withdrawn in increased mortgages to fund renovations, holidays, new cars and education costs. But when the crisis hit, home values plummeted by 30-50%, wiping out trillions of dollars in household wealth almost overnight. The “ATM” was suddenly out of money; people could no longer borrow against their homes. Everyone suddenly felt much poorer, even if they still had a job, and most households drastically cut back on all non-essential spending. This massive drop in consumer spending crippled businesses across all sectors.
第一个问题是所谓的“财富效应”（“ATM”已关闭）。几十年来，房价上涨让美国人觉得自己更富有。看到自己的净资产在账面上增加，人们感到自信，愿意更自由地消费。他们用这种感知到的财富作为抵押来借款，以支撑他们的消费。人们把房子当作ATM机，用不断增加的房屋净值来提取更多的抵押贷款，以支付装修、度假、新车和教育费用。但当危机来临时，房价暴跌30%至50%，几乎在一夜之间抹去了数万亿美元的家庭财富。“ATM”突然没钱了；人们再也不能用房子作为抵押来借款。即使人们仍然有工作，但每个人都突然觉得自己穷了很多，大多数家庭都大幅削减了所有非必需支出。消费支出的这种大幅下降使所有行业的企业都陷入瘫痪。
Another factor was the collapse of retirement savings. For so many Americans who were saving for retirement, the crisis delivered a second devastating blow. A high percentage of both corporate and individual retirement savings in the US were in the stock markets which crashed at the same time for all the above reasons. The S&P 500 lost nearly 60% of its value, and retirement plans for many tens of millions of Americans were devastated. This further destroyed wealth and confidence, affecting people who thought their retirement savings were separate from the housing market.
另一个因素是退休储蓄的崩溃。对于许多正在为退休储蓄的美国人而言，这场危机带来了第二次毁灭性的打击。美国企业和个人退休储蓄中，有很大一部分都投入了股市，而由于上述所有原因，股市在同一时间崩盘。标准普尔500指数下跌近60%，数千万美国人的退休计划遭受重创。这进一步摧毁了财富和信心，影响了那些认为自己的退休储蓄与房地产市场无关的人。
Contrary to all the media hype and the ignorant nonsense from Donald Trump, the US economy has not really improved since 2008, and at least 25% of Americans are still (in late 2025) living paycheck-to-paycheck. The total collapse of the Jews’ financial escapade caused an avalanche of home foreclosures that left large sections of once-prosperous suburban neighborhoods vacant and in disrepair. According to the Brookings Institution, the suburbs also saw a sharp rise in poverty, with roughly one-third of the nation’s population living below the poverty line. Besides putting people in the position of having to find somewhere else to live, foreclosures almost always eliminate the prospects of a comfortable retirement because a home often represents a family’s most important asset. To make matters worse, if they could be worse, countless millions of Americans found themselves underwater with respect to their homes, where the existing mortgage was now significantly greater than the value of their house. In this situation, many chose to simply walk away from the mortgage and the house, seeing little point in making payments on a $400,000 mortgage on a $300,000 house.
与所有媒体的炒作和唐纳德·川普的无知胡言相反，自2008年以来，美国经济并未真正好转，至少有25%的美国人（截至2025年底）仍然靠工资勉强维持生计。犹太人金融恶行的彻底崩溃引发了房屋止赎潮，导致曾经繁荣的郊区社区大片空置且破败不堪。根据布鲁金斯学会的数据，郊区贫困率也急剧上升，全国约三分之一的人口生活在贫困线以下。除了迫使人们不得不寻找其他住所外，房屋止赎几乎总是断送了人们过上舒适退休生活的希望，因为房屋往往是一个家庭最重要的资产。更糟糕的是，如果情况还能更糟的话，数以百万计的美国人发现自己的房屋处于资不抵债的状态，即现有抵押贷款金额远超房屋价值。在这种情况下，许多人选择直接放弃抵押贷款和房屋，因为他们认为为一栋价值30万美元的房子支付40万美元的抵押贷款毫无意义。
企业 — Businesses
The immediate effect of the housing crash was a credit freeze: This was the most direct and dangerous transmission channel from Wall Street to Main Street. The toxic mortgage securities were held by banks and financial institutions worldwide. When they became impossible to value, and many proved nearly worthless, it triggered a panic. Banks lend enormous sums of money (trillions of dollars) to each other on a daily short-term basis but, when everything collapsed, the banks stopped trusting each other because no one knew who was holding all the toxic and worthless securities. The banks stopped lending to each other literally overnight. And, if banks won’t lend to each other, they certainly won’t lend to you or to your business.
房地产崩盘的直接影响是信贷冻结：这是从华尔街传导至普通民众的最直接、最危险的渠道。有毒的抵押贷款证券被全球各地的银行和金融机构所持有。当这些证券变得无法估值，且许多被证明几乎一文不值时，便引发了恐慌。银行每日以短期方式相互借出巨额资金（数万亿美元），但当一切崩溃时，银行之间失去了信任，因为没有人知道谁持有所有这些有毒且一文不值的证券。银行几乎在一夜之间停止了相互借贷。而且，如果银行之间都不愿相互借贷，它们当然也不会借钱给你或你的企业。
Thus, credit, which is the lifeblood of the modern economy, froze solid. Small businesses could not get loans for expansion, but also not even to purchase inventory nor to meet their payrolls. This forced them to cut hours, lay off staff, and freeze hiring. Many were forced to close simply due to this. Large corporations suddenly experienced extreme difficulty in accessing short-term funding (usually commercial paper) to manage their daily operations. This led to massive layoffs to preserve cash. Both General Motors and Chrysler went bankrupt from this effect. Individuals suddenly could not get car loans, student loans, or credit cards. Even people with excellent credit found their credit lines reduced or eliminated.
因此，作为现代经济命脉的信贷陷入了僵局。小企业无法获得用于扩张的贷款，甚至无法购买库存或支付工资。这迫使它们缩短工时、裁员并冻结招聘。许多企业因此被迫关闭。大公司突然在获取短期资金（通常是商业票据）以管理日常运营方面遇到了极大困难。这导致它们为节省现金而大规模裁员。通用汽车和斯泰兰蒂斯公司都因此破产。个人突然无法获得汽车贷款、学生贷款或信用卡。即使是信用状况良好的人，其信用额度也会被降低或取消。
The combination of all this created a vicious, self-reinforcing downward spiral. The first noticeable result was that consumer spending plummeted. This was critical, because the US economy is a structural disaster, perversely depending on consumer spending for 75% of its life. When businesses see their revenue plunging, and are unable to borrow for current needs, they are forced to lay off workers to survive. The newly-unemployed have no choice but to slash their spending even more, causing business revenues to fall even further, leading to more layoffs. This is why the unemployment rate doubled almost immediately from 5% to 10%. It wasn’t just construction and mortgage brokers who lost their jobs; it was retail workers, factory workers, restaurant staff, and white-collar professionals. Statistics showed that almost overnight, between 25% and 30% of all Americans were living paycheck-to-paycheck, reflecting the widespread loss of income and economic security.
所有这些因素共同造成了一个恶性、自我强化的下行螺旋。第一个明显的结果是消费者支出骤降。这一点至关重要，因为美国经济是一场结构性灾难，其75%的生命周期都反常地依赖于消费者支出。当企业看到收入骤降，且无法为当前需求借款时，它们不得不裁员以维持生存。新失业者别无选择，只能进一步削减支出，导致企业收入进一步下降，从而引发更多裁员。这就是为什么失业率几乎立即从5%翻倍至10%的原因。失业的不仅仅是建筑工人和抵押贷款经纪人；还有零售业员工、工厂工人、餐厅员工和白领专业人士。统计数据显示，几乎在一夜之间，25%至30%的美国人靠工资度日，这反映了收入和经济保障的普遍丧失。
This was why the housing crash was not an isolated event. It was the first domino that knocked over all the others. When Goldman’s mortgage securities were proven toxic, the banking system froze, credit disappeared, businesses couldn’t borrow or sell their products, there were mass layoffs, consumer spending plummeted, resulting in business failures and layoffs. Then the stock markets crashed, wiping out a large part of everyone’s life savings and making retirement impossible for many. Even responsible homeowners with a fixed mortgage and excellent credit, were powerfully affected through one or more of these channels. Your retirement savings shrank alarmingly, you lost your job, your business faltered or failed, your access to credit vanished, you stopped spending, and the entire economy crashed.
这就是为什么房地产崩盘并非孤立事件。它是推倒所有其他多米诺骨牌的第一块。当高盛的抵押贷款证券被证明为有毒资产时，银行系统陷入瘫痪，信贷消失，企业无法借款或销售产品，大规模裁员随之而来，消费者支出骤降，导致企业破产和裁员。随后股市崩盘，抹去了每个人大部分的毕生积蓄，使许多人无法退休。即使是拥有固定抵押贷款和良好信用记录的负责任的房主，也会通过这些渠道中的一个或多个受到严重影响。你的退休储蓄惊人地缩水，你失去了工作，你的企业步履蹒跚或倒闭，你无法获得信贷，你停止消费，整个经济随之崩溃。
The 2008 financial crisis devastated the business landscape, leading to trillions of dollars in losses, widespread bankruptcies, and a significant consolidation of corporate power and assets. The pattern of wealth transfer was not just from individuals and families, but also from failing or vulnerable businesses to a class of well-capitalised and strategically positioned entities. The crisis hit businesses through a collapse in consumer spending, a freeze in credit, and a massive devaluation of assets. The losses can be quantified across several dimensions:
2008年的金融危机重创了商业格局，导致数万亿美元的损失、广泛的破产，以及企业权力和资产的显著整合。财富转移的模式不仅是从个人和家庭，还包括从破产或脆弱的企业转移到一类资金充足且战略地位稳固的实体。这场危机通过消费者支出崩溃、信贷冻结和资产大幅贬值对企业造成了冲击。损失可以从多个维度进行量化：
The US stock market, as measured by the S&P 500 index, lost almost 60% of its value from 2007 to 2009, erasing approximately $12 trillion in shareholder value, much of this loss suffered by small individual investors. An estimated 200,000 small businesses closed between 2008 and 2010. They were particularly vulnerable due to their reliance on credit lines and local consumer spending, which evaporated. Major corporate bankruptcies also soared. In 2009, a record of nearly 300 publicly traded companies with over $1 billion in assets filed for bankruptcy. Among these were Lehman Brothers, General Motors, Chrysler (Stellantis), CIT I (CITI) Group, and Thornburg Mortgage. The construction and housing sector was obliterated. Over 1.4 million construction jobs were lost. Major homebuilders like KB Home and Lennar saw their stock prices fall over 90% and reported billions in losses as the housing market collapsed.
以标准普尔500指数衡量的美国股市，从2007年到2009年市值缩水近60%，股东价值蒸发约12万亿美元，其中大部分损失由小型个人投资者承担。据估计，2008年至2010年间有20万家小企业倒闭。由于依赖信贷额度和当地消费支出，而这些都已蒸发，小型企业尤其容易受到影响。大型企业破产数量也激增。2009年，创纪录地有近300家资产超过10亿美元的上市公司申请破产，其中包括雷曼兄弟、通用汽车、克莱斯勒（Stellantis）、CIT I（CITI）集团和索恩伯格抵押贷款公司。建筑和住房行业遭受重创。超过140万个建筑工作岗位消失。随着住房市场的崩溃，KB Home和Lennar等主要住宅建筑商的股价下跌超过90%，并报告了数十亿美元的亏损。
Just as with housing, the crisis created historic opportunities for well-positioned players to acquire valuable assets and market share at distressed prices. The gains flowed primarily to two groups: the surviving “Mega-Banks” like Goldman, Sachs, and private equity and distressed asset funds (all Jewish enterprises) like The Blackstone Group, Apollo Global Management, and Cerberus Capital Management. For the banks, the crisis acted as a brutal force of industry consolidation. Weakened or failing institutions were acquired by stronger rivals, often with government assistance. JPMorgan Chase acquired Bear Stearns and Washington Mutual. The Bank of America acquired Merrill Lynch and Countrywide Financial. This dramatically increased the market share and power of the remaining “too-big-to-fail” banks.
与住房市场的情况类似，这场危机为处于有利地位的参与者创造了历史性机遇，让他们能够以低价收购有价值的资产和市场份额。收益主要流向了两大群体：幸存的“超级银行”，如高盛（Goldman Sachs），以及私募股权和不良资产基金（均为犹太企业），如黑石集团（The Blackstone Group）、阿波罗全球管理公司（Apollo Global Management）和赛伯乐资本管理公司（Cerberus Capital Management）。对于银行而言，这场危机成为行业整合的残酷力量。实力较弱或濒临破产的机构往往在政府的援助下被更强大的竞争对手收购。摩根大通收购了贝尔斯登和华盛顿互惠银行。美国银行收购了美林和全美金融公司。这极大地增加了剩余“大到不能倒”银行的市场份额和实力。
The equity and hedge funds had massive capital available which they used to buy the distressed debt of companies at a deep discount and eventually take control of them through bankruptcy restructuring. The surviving big banks and hedge funds purchased entire businesses or physical assets from forced sellers at a fraction of their former value. Large, cash-rich companies like Apple, Google, and Berkshire Hathaway were able to acquire smaller competitors or innovative startups that could no longer secure funding.
股票基金和对冲基金拥有大量可用资金，他们利用这些资金以大幅折扣价购买公司的不良债务，并最终通过破产重组获得公司的控制权。幸存的大型银行和对冲基金以远低于其原有价值的价格，从被迫出售者手中收购了整个企业或实物资产。苹果、谷歌和伯克希尔哈撒韦等资金充裕的大公司，则能够收购那些无法再获得资金的小型竞争对手或创新型初创企业。
投资者 – Investors
Enormous losses were suffered by the “investors” generally. Many banks and pension funds, for example, bought and held these toxic securities, and lost big. Who were the investors, or the categories of investors who actually bought the toxic securities from Goldman, Sachs and the other perpetrators? And how much did these different kinds of investors lose? And again, who were the beneficiaries? The sale of a toxic bundle of mortgages would have been a direct transfer of wealth from a small bank in, say, Oregon, directly to Goldman, Sachs.
“投资者”普遍蒙受了巨大损失。例如，许多银行和养老基金购买并持有这些有毒证券，损失惨重。究竟是谁，或者哪些类别的投资者，从高盛和其他作恶者手中购买了这些有毒证券？这些不同类型的投资者损失了多少？再说一次，谁是受益者？出售一揽子有毒抵押贷款，相当于将财富从一家位于俄勒冈州等地的银行直接转移给高盛。
This question gets to the heart of how the 2008 crisis spread from Wall Street to the world. The toxic mortgage-backed securities were sold to a wide range of investors, including pension funds, social security funds, foreign governments, major foreign banks, all experiencing catastrophic losses. Many major global banks and large financial institutions invested heavily in these securities for their high returns, and all suffered devastating losses. The Swiss bank UBS suffered the most, with losses totaling $380 billion. Merrill Lynch lost about $35 billion, Citigroup nearly $25 billion, HSBC about $10 billion. Bank of America, the second largest bank in the US, lost billions. Credit Suisse reported losses of about $78 billion, Deutsche Bank about $5 billion, IKB Germany about $10 billion. The serious failure of the British bank Northern Rock’s investment directly led to the bank’s nationalisation, which was the only way to save the bank. The British government paid 31 billion euros for the rescue operation.
这个问题触及了2008年危机如何从华尔街蔓延至全球的核心。有毒的抵押贷款支持证券被出售给众多投资者，包括养老基金、社保基金、外国政府、主要外国银行，这些投资者都遭受了灾难性损失。许多全球主要银行和大型金融机构为了追求高回报，在这些证券上投入了大量资金，结果都蒙受了毁灭性损失。瑞士银行瑞银损失最为惨重，总计亏损3800亿美元。美林亏损约350亿美元，花旗集团亏损近250亿美元，汇丰银行亏损约100亿美元。美国第二大银行美国银行亏损数十亿美元。瑞士信贷报告亏损约780亿美元，德意志银行亏损约50亿美元，德国产业投资银行亏损约100亿美元。英国北岩银行投资的严重失败直接导致该银行被国有化，这是拯救该银行的唯一途径。英国政府为救援行动支付了310亿欧元。
The central banks of many countries, particularly those with large dollar reserves, invested in what were considered safe US government-sponsored debt. Foreign investors held over $1.3 trillion of debt from Fannie Mae and Freddie Mac alone. China was the largest holder, with its institutions owning $376 billion of these bonds. Japan, Luxembourg, Belgium, and the Cayman Islands were also major holders. When Fannie and Freddie failed, these nations faced massive potential losses.
许多国家的中央银行，尤其是那些拥有大量美元储备的国家的中央银行，投资了被视为安全的美国政府担保债务。仅外国投资者就持有房利美（Fannie Mae）和房地美（Freddie Mac）超过1.3万亿美元的债务。中国是最大的持有者，其机构持有这些债券中的3760亿美元。日本、卢森堡、比利时和开曼群岛也是主要持有者。当房利美和房地美破产时，这些国家面临着巨大的潜在损失。
The bankruptcies of General Motors and Chrysler were not from holding toxic mortgage assets, but as victims of the credit crunch. As banks suffered huge losses, they drastically reduced lending to preserve capital, making it nearly impossible for businesses and consumers to get loans. Auto sales rely heavily on credit, both for manufacturers to fund their operations and for consumers to get auto loans. With credit frozen, showrooms emptied. In October 2008, US car sales plummeted 32%, with GM’s sales falling 45%. As sales vanished, GM and Chrysler burned through their cash reserves. GM consumed $69 billion in a single quarter, leaving it with only $162 billion in reserves—below the minimum needed to operate. This led them to seek a government bailout to avoid total collapse.
通用汽车和克莱斯勒的破产并非源于持有有毒抵押贷款资产，而是信贷紧缩的受害者。随着银行遭受巨额损失，它们大幅减少放贷以保留资本，使得企业和消费者几乎无法获得贷款。汽车销售严重依赖信贷，无论是制造商为其运营提供资金，还是消费者获得汽车贷款。随着信贷冻结，展销厅空无一人。2008年10月，美国汽车销量暴跌32%，其中通用汽车的销量下降了45%。随着销量锐减，通用汽车和克莱斯勒的现金储备迅速消耗殆尽。通用汽车在一个季度内就消耗了690亿美元，仅剩1620亿美元的储备金——低于运营所需的最低水平。这促使它们寻求政府救助，以避免彻底破产。
It is useful to examine the flow of losses and gains in the commercial sector. We have the perpetrators, firms like Goldman Sachs, Merrill Lynch, and Citigroup, who created and sold the toxic securities, collecting fees and transferring risk. We have the investors who were other major banks, foreign governments, and institutional investors around the world, who purchased them seeking higher yields. Then the wealth transfer: When the securities became worthless, the wealth of these investor groups was wiped out. The beneficiaries were the institutions that had successfully created and sold these securities before the crash.
考察商业领域的损益流动情况颇具意义。我们既有始作俑者，如高盛、美林和花旗集团等公司，它们创造并出售有毒证券，收取费用并转移风险。我们也有投资者，包括其他主要银行、外国政府以及世界各地的机构投资者，他们购买这些证券以寻求更高的收益。接着是财富转移：当证券变得一文不值时，这些投资者群体的财富便化为乌有。而受益者则是那些在危机爆发前成功创造并出售这些证券的机构。
投资银行 –The Investment Banks
A row of for sale signs adorn the front of terraced houses on April 18, 2008 in Macclesfield, England. The United Kingdom’s financial outlook still looks gloomy, with house prices continuing to fall even after interest rates were reduced by the Bank of England.
2008年4月18日，英格兰麦克尔斯菲尔德，一排待售标志点缀在联排房屋前。尽管英格兰银行已降低利率，但英国的金融前景仍然黯淡，房价仍在持续下跌。
In the aftermath of the 2008 financial collapse, the big banks were left holding such huge amounts of toxic derivative securities that they needed trillions from the FED to bail them out. How did that happen? Why didn’t they sell off all those securities, when that was the plan? This is the crucial question that gets to the heart of the failure. The plan to sell the toxic securities did not anticipate a fundamental, catastrophic breakdown in the system itself. The banks were left standing when the music stopped because the entire mechanism for selling them vanished. The market for toxic assets completely evaporated almost overnight, and their “originate-to-distribute” model failed spectacularly.
2008年金融危机爆发后，大银行手中持有大量有毒衍生证券，以至于需要美联储（FED）数万亿美元的纾困。这是怎么发生的？既然计划中已包含出售这些证券，为何它们没有全部出售？这是触及失败核心的关键问题。出售有毒证券的计划并未预料到系统本身会发生根本性的、灾难性的崩溃。音乐停止时，银行却屹立不倒，因为出售这些证券的整个机制消失了。有毒资产市场几乎在一夜之间完全蒸发，其“发起-分销”模式也以惊人的方式失败。
The core premise of (Goldman, for example) selling these securities was that there would always be a buyer. However, this relied on two things that ceased to exist in 2007-2008. The entire value of these securities was based on trust in the AAA ratings and the underlying models. When homeowners started defaulting, it became clear the ratings were fraudulent and the models either flawed or fraudulent. Investors no longer had any way to determine what these complex securities were actually worth and, with that realisation, their value plummeted. Every potential buyer in the world simultaneously realised the assets were toxic, and the demand that Wall Street had so carefully cultivated, disappeared because nobody would buy a product that was rapidly losing value from a seller who was desperate to get rid of it. The issuing mega-banks like Goldman and Lehman could not offload all the risk because there were no “greater fools” left, and they were left with massive exposure. The banks were all connected, and were all holding the same thing. There was no one left to sell to because everyone was a seller.
（以高盛为例）出售这些证券的核心前提是，总会有买家。然而，这一前提依赖于两件事，而这两件事在2007年至2008年不复存在。这些证券的全部价值都建立在人们对AAA评级和基础模型的信任之上。当房主开始违约时，很明显评级是虚假的，模型要么有缺陷，要么也是虚假的。投资者再也无法确定这些复杂证券的实际价值，随着他们意识到这一点，这些证券的价值暴跌。世界上每一个潜在的买家同时意识到这些资产是有毒的，而华尔街如此精心培育的需求消失了，因为没有人会购买一个卖家急于脱手、价值迅速缩水的产品。像高盛和雷曼兄弟这样的发行巨型银行无法摆脱所有风险，因为已经没有“更大的傻瓜”了，它们留下了巨大的敞口。这些银行都是相互关联的，都持有同样的东西。没有人可以卖给他们，因为每个人都是卖家。
Before the investment banks could bundle and sell their toxic securities, they had to first accumulate thousands of mortgages. The riskiest portions of the CDOs were the hardest to sell, and the banks were often forced to keep these highest-risk portions on their own books, at least temporarily. When the market suddenly froze solid, they were caught holding billions in unsold NINJA mortgages that were plummeting in value. When the prices of these toxic assets began to collapse, a deadly spiral began. As the value of their assets fell, banks faced massive margin calls and had to post more collateral. This forced them to sell anything they could to raise cash. This drove selling prices down even further, which triggered more margin calls, forcing more sales. This “de-leveraging spiral” turned a problem into a catastrophe, rendering the banks insolvent as the value of their assets collapsed. When the US housing market crashed, it didn’t just affect a few banks; it affected every major financial institution in the world that had bought these securities.
在投资银行能够打包并出售其有毒证券之前，他们必须首先积累数千笔抵押贷款。债务抵押债券（CDO）中最具风险的部分最难出售，银行往往被迫将这些风险最高的部分保留在自己的账簿上，至少是暂时保留。当市场突然陷入僵局时，他们发现自己手中持有数十亿价值暴跌的未售出NINJA（无收入、无就业、无资产、无信用）抵押贷款。当这些有毒资产的价格开始暴跌时，一个致命的螺旋循环开始了。随着资产价值的下跌，银行面临着巨额的追加保证金要求，不得不提供更多的抵押品。这迫使他们出售一切可以出售的资产以筹集现金。这进一步压低了销售价格，触发了更多的追加保证金要求，迫使更多的销售。这种“去杠杆化螺旋”将问题变成了灾难，随着资产价值的暴跌，银行变得资不抵债。当美国房地产市场崩溃时，它不仅影响了少数几家银行，还影响了世界上所有购买了这些证券的主要金融机构。
The New York Times released an article commenting: “Pension funds and insurance companies lost billions of dollars on securities that they believed were solid investments, according to former Goldman employees with direct knowledge of the deals who asked not to be identified because they have confidentiality agreements with the firm. “Goldman was not the only firm that peddled these complex securities and then made financial bets against them, called selling short in Wall Street parlance.” [1] In response, Goldman Sachs published an open letter saying (1) “We did only good things and gave people what they wanted”, and [2] then blamed the victims for being prey.
《纽约时报》发表了一篇文章评论道：“据直接了解这些交易的前高盛员工称，养老基金和保险公司因他们认为稳妥的投资证券而损失了数十亿美元，这些员工因与公司签订了保密协议而要求匿名。‘高盛并非唯一一家兜售这些复杂证券，然后进行金融押注做空的公司，这在华尔街被称为卖空’。”[1]作为回应，高盛发布了一封公开信，称（1）“我们只做了好事，给了人们他们想要的东西”，并（2）指责受害者是猎物
One part of that letter said: “Synthetic CDOs were popular with many investors prior to the financial crisis because they gave investors the ability to work with banks to design tailored securities which met their particular criteria, whether it be ratings, leverage or other aspects of the transaction.” It is of course absolutely false that pension funds and other investors actually cooperated with Goldman, Sachs in designing these ticking time bombs, or that it was the investors who actually specified the criteria of LIAR and NINJA mortgages. Another part of the letter said, “The buyers of synthetic mortgage CDOs were large, sophisticated investors. [They] had significant in-house research staff to analyse portfolios and structures and to suggest modifications. They did not rely upon the issuing banks in making their investment decisions.” [2] That is classic (and Jewish) “blame the victim” response to their crimes and atrocities. It is also untrue. The investors did in fact depend on the words of Goldman, Sachs and the ratings issued by Moody or Standard & Poor, and drew further assurance from AIG’s insurance policies.
该信函的一个部分写道：“在金融危机之前，合成债务抵押债券（CDO）受到许多投资者的青睐，因为它们让投资者能够与银行合作，设计出符合其特定标准的证券，无论是评级、杠杆还是交易的其他方面。”当然，说养老基金和其他投资者实际上与高盛合作设计了这些定时炸弹，或者说是投资者实际上指定了LIAR和NINJA抵押贷款的标准，这绝对是错误的。该信函的另一部分写道：“合成抵押债务抵押债券的买家是大型、老练的投资者。[他们]拥有大量内部研究人员来分析投资组合和结构，并提出修改建议。他们在做出投资决策时并不依赖发行银行。”[2]这是对其罪行和暴行的典型（且具有犹太特色的）“责备受害人”式回应。这同样是不真实的。投资者实际上确实依赖高盛和穆迪或标准普尔发布的评级，并从美国国际集团的保险政策中获得了进一步的保证。
As one more example of the conscious and deliberate nature of this immense fraud, a Goldman, Sachs senior staff member was quoted at the time as saying, “We will never go back to normal, after what they have done.”
作为这一巨大欺诈行为有意识和蓄意性质的又一例证，当时有报道援引高盛（Goldman Sachs）一名高级职员的话称，“在他们做了那些事之后，我们再也无法回到从前了。”
国际的 — International
The contrived housing crisis dramatically affected individual homeowners and businesses, but equally there were crises that devastated the economies of many countries and pushed virtually the entire population into the lower class in one swoop. These international disasters were either under-reported or totally ignored by the US and Western media. Many nations were extortionately encouraged to borrow money at the FED’s low interest rates, but to “supplement” these loans with derivatives as insurance. Sadly for them, as the plot unraveled, many nations found themselves literally bankrupt. Greece was one of these nations.
这场人为制造的住房危机对个体房主和企业造成了巨大影响，但同样，也有一些危机摧毁了众多国家的经济，几乎一举将全体民众推入下层阶级。这些国际灾难要么被美国和西方媒体报道不足，要么被完全忽视。许多国家被过分怂恿以美联储的低利率借款，却以衍生品作为保险来“补充”这些贷款。可悲的是，随着阴谋的揭露，许多国家发现自己实际上已经破产。希腊就是其中之一。
This is actually a very important and underreported aspect of the crisis. The 2008 financial crisis caused staggering worldwide losses for governments, banks, and pension funds, with the fallout pushing several countries to the brink of collapse. The pain was not confined to the United States but spread globally through interconnected financial systems. The global financial sector suffered total losses of $1.5 trillion. Banks worldwide saw market values plummet by 50%, and a single “Black Monday” erased $2.5 trillion from global stock markets.
这实际上是此次危机中一个非常重要但鲜有报道的方面。2008年的金融危机给各国政府、银行和养老基金造成了惊人的全球性损失，其影响将多个国家推到了崩溃的边缘。这种痛苦不仅限于美国，而是通过相互关联的金融体系在全球范围内蔓延。全球金融部门遭受了1.5万亿美元的总损失。全球银行的市值暴跌了50%，仅仅一个“黑色星期一”就让全球股市蒸发了2.5万亿美元。
The collapse caused a severe sovereign debt crisis for many countries, leading to international bailouts with strict conditions. Greece, for example, had a sovereign debt crisis that led to a €240 billion EU/IMF bailout, requiring savage austerity (wage cuts, raised retirement age) and a loss of economic sovereignty. There were devastating losses to retirement savings globally, the crisis eviscerating the pension and social security funds of nations that had bought the toxic securities. In the OECD countries alone, private pension funds lost about $5 trillion in the crash, more than $300 billion in the US alone.
此次崩盘给许多国家带来了严重的主权债务危机，导致国际社会以严格的条件提供纾困。例如，希腊的主权债务危机引发了欧盟/国际货币基金组织（IMF）2400亿欧元的纾困，该国不得不实施严厉的紧缩政策（减薪、提高退休年龄）并丧失经济主权。全球范围内，退休储蓄遭受了毁灭性损失，此次危机掏空了那些购买了有毒证券的国家的养老金和社会保障基金。仅在经合组织国家，私人养老金基金在此次危机中就损失了约5万亿美元，仅美国一国就损失了3000多亿美元。
受益人 — The Beneficiaries
Firms like Blackstone’s Invitation Homes spent $10 billion to acquire around 80,000 homes, becoming the largest single-family landlord in the US.
像黑石集团旗下的Invitation Homes这样的公司斥资100亿美元收购了约8万套房屋，成为美国最大的独栋房屋房东。
Who realized the gains? Who were the beneficiaries? The crisis functioned as a brutal mechanism for consolidating wealth. The gains were realised by those with capital to deploy during the collapse and those who were insulated from the fallout.
谁获得了收益？谁是受益者？这场危机成为了一个残酷的财富集中机制。那些在危机中拥有可支配资本的人以及那些未受危机直接影响的人实现了收益。
One small group that gained massively was the institutional home buyers like Blackstone and Invitation Homes. They purchased hundreds of thousands, if not millions, of foreclosed homes at steep discounts, converting them into permanent rental properties. Firms like Blackstone’s Invitation Homes spent $10 billion to acquire around 80,000 homes, becoming the largest single-family landlord in the US. They profited from rising rents and the subsequent recovery in home values.
一个规模大幅增长的小群体是黑石集团和Invitation Homes等机构购房者。他们以大幅折扣购买了数十万甚至数百万的止赎房屋，并将其改造成永久性租赁房产。像黑石集团的Invitation Homes这样的公司斥资100亿美元收购了约8万套房屋，成为美国最大的独户房东。他们从租金上涨和随后房价的回升中获利。
The surviving banks like Goldman Sachs and JPMorgan Chase also profited enormously. Goldman Sachs famously profited by shorting the housing market, betting against the very mortgage products they were selling. These same banks also profited hugely from acquiring their failed rivals. JPMorgan Chase acquired Bear Stearns and Washington Mutual; Bank of America acquired Merrill Lynch. Goldman Sachs reported a nearly $5 billion profit in 2009, a year of deep recession for most Americans. The top 6 banks saw their market share grow significantly. These banks also profited handsomely from government bailouts (TARP), receiving $700 billion in taxpayer funds to stabilise them. This prevented their collapse and allowed them to regain profitability quickly.
高盛和摩根大通等幸存的银行也获利颇丰。高盛因做空房地产市场而获利，这与他们销售的抵押贷款产品背道而驰，这一行为广为人知。这些银行还通过收购破产的竞争对手而大赚一笔。摩根大通收购了贝尔斯登和华盛顿互惠银行；美国银行收购了美林证券。2009年，对大多数美国人而言是经济深度衰退的一年，而高盛却报告实现了近50亿美元的利润。前六大银行的市场份额显著增长。这些银行还从政府救助（问题资产救助计划）中获利丰厚，获得了7000亿美元的纳税人资金以稳定自身。这避免了它们的破产，并使它们迅速恢复盈利能力。
Corporate Executives and the top 1% – the wealthiest households whose assets are more diversified, recovered quickly. The stock market, driven by Federal Reserve policy and corporate profits, entered on a long bull market. Executive compensation and bonuses at bailed-out firms remained high, causing public outrage. The top 1% recovered, but the bottom 80% of families did not. The crisis accelerated wealth inequality.
企业高管和最富有的1%家庭——即资产更为多元化且迅速复苏的家庭。在美联储政策和企业利润的推动下，股市进入了长期牛市。接受纾困的公司高管薪酬和奖金仍然居高不下，引发了公众的愤怒。最富有的1%家庭实现了复苏，但最底层的80%家庭却没有。这场危机加剧了财富不平等。
The data confirm that, just as with individuals and families, a massive wealth transfer occurred from the broader business ecosystem to the top 1% of financial entities and their stakeholders. The big winners were the partners and executives at the top-tier private equity firms, hedge funds, and investment banks, as well as the largest shareholders of the surviving “mega-corporations”. They were the direct beneficiaries of the fees, carried interest, and stock appreciation generated by these crisis-era maneuvers. The credit freeze and consumer collapse devalued the assets and equity of thousands of businesses, forcing the owners.to sell to these vultures – or file for bankruptcy, in which case the vultures would pick the bones anyway. Most commonly, it was the same small group of Jewish entities, often backed by the specific banks that caused the crisis, who acquired these assets at fire-sale prices. When the economy and markets recovered, the value of these acquired assets soared, generating immense profits for the few acquirers.
数据证实，与个人和家庭的情况一样，大量的财富从更广泛的商业生态系统转移到了最顶层的1%的金融实体及其利益相关者手中。最大的赢家是顶级私募股权公司、对冲基金和投资银行的合伙人及高管，以及幸存的“巨型企业”的最大股东。他们是这些危机时期操作所产生的费用、附带收益和股票增值的直接受益者。信贷冻结和消费者崩溃导致成千上万家企业的资产和股权贬值，迫使企业主将这些资产出售给这些贪婪的投资者——或者申请破产，在这种情况下，这些贪婪的投资者无论如何都会分一杯羹。最常见的是，往往是同一小群犹太实体以跳楼价收购这些资产，这些实体往往得到了引发危机的特定银行的支持。当经济和市场复苏时，这些被收购资产的价值飙升，为少数收购者带来了巨额利润。
In essence, the crisis functioned as a brutal but highly efficient mechanism for the centralisation and consolidation of capital. It wiped out weaker competitors and transferred their assets to a small concentrated group of powerful financial corporate players, significantly accelerating wealth inequality at the corporate level. The “1%” didn’t just gain from homeowners; they gained from the carcass of Main Street business as well.
从本质上讲，这场危机充当了一种残酷但高效的机制，用于资本的集中和整合。它淘汰掉了实力较弱的竞争对手，并将其资产转移给一小群实力强大的金融企业巨头，从而显著加剧了企业层面的财富不平等。“1%”阶层不仅从房主那里获利，还从主街商业的残骸中获利。
There are no documents that directly address the personal beneficiaries of the international losses, but we can infer from the patterns of bailouts and wealth transfers that similar dynamics occurred internationally as in the US. And, since the perpetrators of this immense fraud were exclusively the small group of Jewish bankers, hedge funds and billionaires in the US, we can assume the beneficiaries were these same firms plus related entities. We can also safely assume that the fire sales in other countries had the same purchasers as those in the US: the surviving mega-banks and their closest friends.
没有文件直接涉及国际损失的个人受益者，但我们可以从救助和财富转移的模式中推断出，国际上发生了与美国类似的动态。而且，由于这场巨大欺诈的肇事者仅限于美国的一小群犹太银行家、对冲基金和亿万富翁，我们可以假设受益者是这些公司及其相关实体。我们还可以有把握地假设，其他国家的贱价出售对象与美国相同：幸存的超级银行及其最亲密的朋友。
秃鹫 — The Vultures
Larry Fink, BlackRock CEO, is aboard member of Klaus Schwab’s World Economic Forum who preaches you will own nothing and be happy. Fink is also behind Zelensky, promising to invest in a war zone. Meanwhile, Fink sent his 2022 letter to CEOs of companies he has invested in on January 17th, 2022, while intimidating them to follow Schwab’s WEF. His letter reflected Klaus Schwab’s Agenda 2030. He stated:
贝莱德首席执行官拉里·芬克是克劳斯·施瓦布世界经济论坛的董事会成员，他宣扬“拥有一切”的观念。芬克还支持泽连斯基，承诺在战区投资。与此同时，芬克于2022年1月17日向他所投资公司的首席执行官们发送了2022年信函，同时恫吓他们追随施瓦布的世界经济论坛。他的信函反映了克劳斯·施瓦布的《2030年议程》。他表示：
“I write these letters as a fiduciary for our clients who entrust us to manage their assets – to highlight the themes that I believe are vital to driving durable long-term returns and to helping them reach their goals.”
“我作为受托人，代表那些委托我们管理其资产的客户撰写这些信件，旨在强调我认为对于推动实现持久长期回报和帮助他们达成目标至关重要的主题。”
One small group that gained massively were the institutional home buyers like Blackstone and Invitation Homes, Colony Capital, and American Homes 4 Rent. They purchased hundreds of thousands, if not millions, of foreclosed homes at steep discounts, converting them into permanent rental properties, and became some of the largest landlords of single-family homes in the United States. Blackstone morphed into the largest of these, spending $100 million per week (more than $10 billion in total) on homes and ultimately amassed a portfolio of over 80,000 properties. All reports were that rents immediately increased by about 10% after these purchases, the vulture funds profiting not only from rising rents but doubling their money from the subsequent recovery in house prices.
一个规模急剧扩大的小群体是机构购房者，如黑石集团（Blackstone）、Invitation Homes、柯罗尼资本（Colony Capital）和American Homes 4 Rent。他们以大幅折扣购买了数十万甚至数百万套止赎房屋，将其改造成永久性租赁房产，并成为美国最大的单户住宅房东之一。黑石集团逐渐成为其中最大的机构，每周在房屋上花费1亿美元（总计超过100亿美元），最终积累了超过8万套房产的投资组合。所有报告都显示，这些收购后租金立即上涨了约10%，秃鹫基金不仅从租金上涨中获利，而且从随后房价的复苏中实现了翻倍收益。
I have no total figures for the number of repossessed homes purchased by the hedge funds, but the media stated that they collectively had thousands of agents all over the US looking for repossessed homes to buy. I recall one article, I believe in the NYT, that said that one hedge fund had one man in one city in Florida who was making offers on more than 200 houses per week. If we extrapolate, there could have been hundreds of thousands of offers made each week. There were so many hedge funds and other wealthy individuals and financial groups buying repossessed homes that we will never know the totals. But there certainly were hundreds of thousands of repossessed houses purchased by these people, and potentially even millions. They used their massive capital reserves to buy homes in bulk, often in all-cash offers, easily outcompeting individual families who required mortgages and could not move as quickly.
我没有关于对冲基金购买的被收回房屋总数的具体数据，但据媒体报道，他们在全美各地共有数千名代理人寻找可购买的被收回房屋。我记得有一篇文章，好像是《纽约时报》上的，说有一家对冲基金在佛罗里达州的一个城市里，仅一个人每周就向200多套房屋提出报价。如果我们以此推断，每周可能会有数十万套房屋被报价。有如此多的对冲基金、其他富人以及金融集团购买被收回的房屋，我们永远也无法得知总数。但这些人购买的被收回房屋肯定达到了数十万套，甚至可能达到数百万套。他们利用庞大的资本储备批量购买房屋，往往是以全现金的方式报价，轻松击败了需要抵押贷款且行动速度较慢的单个家庭。
纾困 — The Bailouts
More than 1,000 demonstrators speaking out against corporate greed and social inequality took their protest to the New York Police Department (NYPD) headquarters.
1000多名示威者走上纽约警察局（NYPD）总部，公开反对企业贪婪和社会不公。来源 Source
We could benefit by examining some basic information on how the FED and/or the US government executed a series of complex programs that provided trillions of dollars to the large investment banks to bail them out. The general strategy had two main parts: providing massive short-term loans to keep the financial system from freezing solid, then directly injecting capital into banks to ensure they remained solvent.
通过研究美联储和/或美国政府如何执行一系列复杂计划，向大型投资银行提供数万亿美元以纾困，我们可以从中受益。总体策略包括两个主要部分：提供大量短期贷款以防止金融体系冻结，然后直接向银行注入资金以确保其保持偿付能力。
The bailout of the large investment banks during the 2008 financial crisis was a series of complex programs involving trillions of dollars. The official narrative told us this was a general strategy providing massive short-term loans to keep the financial system from freezing solid, and then directly injecting capital into banks to ensure they remained solvent. But things were not as they seemed. This was a program entirely to socialise the losses of the financial elite onto the public balance sheet. The bailouts constituted an unconscionable use of public funds. The bankers and the entire cabal involved in this fraud collectively profited by trillions of dollars, and all their losses were borne by public taxpayers.
2008年金融危机期间对大型投资银行的纾困，是一系列涉及数万亿美元的复杂计划。官方说法告诉我们，这是一项总体战略，旨在提供巨额短期贷款以防止金融体系冻结，然后直接向银行注入资本以确保其保持偿付能力。但事实并非如此。这是一项完全将金融精英的损失转嫁到公共资产负债表上的计划。纾困构成了对公共资金的不合理使用。参与这一欺诈的银行家和整个阴谋集团集体获利数万亿美元，而他们所有的损失都由公共纳税人承担。
Companies like AIG were on the hook for billions. AIG had sold vast amounts of insurance (CDSs) on CDOs without setting aside enough capital to pay out. When the CDOs failed, AIG faced ruinous losses it could not cover, requiring a $85 billion federal bailout to prevent it from collapsing and pulling down its countless trading partners.
像美国国际集团（AIG）这样的公司负债数十亿美元。AIG在没有留出足够资金用于赔付的情况下，就CDO（债务抵押债券）出售了大量保险（信用违约掉期）。当CDO违约时，AIG面临无法弥补的灾难性损失，需要850亿美元的联邦救助，以防止其倒闭并拖垮无数交易伙伴。
I have discussed AIG separately, but there was an enormous controversy surrounding AIG’s bailout, in large part because the money did not really go to AIG but to its counterparties – banks to whom it owed money. In other words, it wasn’t really AIG that was being bailed out, but the banks that helped bury it. Henry Paulson was pushing hard for these funds because his former company, Goldman, Sachs needed the money. There were three key issues about this bailout: the decision to pay AIG’s counterparties in full, the use of taxpayer funds to do so, and the extreme secrecy surrounding the entire process. Goldman received $14 billion from the bailout money paid to AIG, Societe Generale received $16 billion, Deutsche Bank about $9 billion, Bank of America $12 billion, and various US states about $12 billion.
我曾单独讨论过美国国际集团（AIG），但围绕AIG的纾困存在巨大争议，这在很大程度上是因为资金并没有真正流向AIG，而是流向了其交易对手——那些AIG欠钱的银行。换言之，真正得到纾困的不是AIG，而是那些帮助埋葬AIG的银行。亨利·保尔森之所以大力推动这些资金，是因为他之前所在的高盛公司需要这笔钱。此次纾困涉及三个关键问题：全额支付AIG交易对手的决定、使用纳税人资金支付的决定，以及整个过程的高度保密性。高盛从支付给AIG的纾困资金中获得了140亿美元，法国兴业银行获得了160亿美元，德意志银行获得了约90亿美元，美国银行获得了120亿美元，美国各州获得了约120亿美元。
It wasn’t only AIG that was bailed out. Paulson also engineered the purchase of Bear Sterns by JP Morgan, the reason being that Goldman had high exposure in these firms, the bailouts and mergers designed more to help Goldman avoid billions in losses than to save the other banks. When Paulson arranged the bailout of AIG, Goldman was spared around $30 billion in losses. In March 2008, Paulson oversaw the merger of Bear Stearns with JPMorgan Chase, a deal that also provided about $30 billion in government financing.
接受纾困的并非只有美国国际集团（AIG）。保尔森还策划了摩根大通收购贝尔斯登的交易，原因在于高盛在这些公司中持有高额敞口，而这些纾困和合并交易更多地是为了帮助高盛避免数十亿美元的损失，而非拯救其他银行。在保尔森安排纾困AIG时，高盛避免了约300亿美元的损失。2008年3月，保尔森主持了贝尔斯登与摩根大通的合并，该交易也提供了约300亿美元的政府融资。
A major part of the bankers’ bailout was called the Capital Purchase Program, where the US government used taxpayer money to purchase preferred stock in all these banks. It gave the government no ownership rights, but gave the banks an enormous increase in their capital (and loose cash), enabling them to function normally again, free of debt, and also with cash to buy “distressed assets” – the assets being those that their scheme “distressed” in the first place. The banks did pay dividends to the government on these shares, but that was trivial in comparison to the trillions involved. Some of this investment in stock came from the TARP program, with Citigroup, JPMorgan, Wells Fargo, and Bank of America receiving $25 billion each; and Goldman Sachs and Morgan Stanley with $10 billion each.
银行家纾困计划的一个重要部分被称为“资本购买计划”，美国政府利用纳税人资金购买所有这些银行的优先股。该计划并未赋予政府所有权，但却使银行的资本（以及宽松的现金）大幅增加，从而使它们能够再次正常运营，摆脱债务，并且还有现金购买“不良资产”——即那些最初被其计划“压垮”的资产。银行确实就这些股份向政府支付了股息，但与所涉及的数万亿美元相比，这只是微不足道的。这些股票投资的一部分来自问题资产救助计划（TARP），其中花旗集团、摩根大通、富国银行和美国银行各获得250亿美元；高盛和摩根士丹利各获得100亿美元。
There was another private sector “pooled” fund, a mechanism where 10 major banks created a $700 billion “bail-out fund”. Then we had the FED’s “Liquidity Programs” that provided massive, ongoing short-term loans via auctions and market operations. These loans totaling trillions of dollars were supposedly backed by “collateral”, but the FED expanded the definition of collateral until it became almost meaningless. The total commitment was staggering, involving trillions in both government funds and federal guarantees – all taxpayer money. In real life, the US government took money from the public who had been devastated by this immense fraud, and gave it to the same banks that executed this fraud.For example, right after Lehman’s collapse, the Fed injected $700 billion into the system in a single day and made regular loans of around $25 billion in single auctions.
还有另一个私营部门的“集合”基金，这是一种机制，由10家主要银行共同创建了一个7000亿美元的“纾困基金”。然后我们还有美联储的“流动性计划”，该计划通过拍卖和市场操作提供大量持续的短期贷款。这些总额达数万亿美元的贷款据称有“抵押品”作为担保，但美联储扩大了抵押品的定义范围，直至其几乎变得毫无意义。承诺总额令人震惊，涉及数万亿美元的政府资金和联邦担保——全部都是纳税人的钱。在现实生活中，美国政府从遭受这场巨大欺诈重创的公众手中夺走了资金，并将其交给了执行这场欺诈的同一家银行。例如，雷曼兄弟倒闭后不久，美联储在一天内向系统注入了7000亿美元，并在单次拍卖中定期发放约250亿美元的贷款。
There were two other important actions; (1) The FDIC also temporarily guaranteed all non-interest-bearing bank accounts (typically used by businesses) and (2) provided a 3-year guarantee on the debts of all banks to restore confidence in interbank lending. To summarise: The FED lent virtually all banks literally trillions of dollars at zero or virtually zero interest, to bail them out. That money was mostly tossed into the stock markets and, over a period of years, the profits were high enough to cover the losses and repay the FED. Hong Kong’s Wen Wei Po published a report that the US had directly injected capital into banks. According to the media, the nine major banks were Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America and Merrill Lynch, Citigroup, Wells Fargo, Bank of New York Mellon and State Street.[3][4][5][6][7][8]
还有另外两项重要举措：（1）联邦存款保险公司（FDIC）还暂时为所有无息银行账户（通常为企业所用）提供担保；（2）为所有银行的债务提供为期3年的担保，以恢复对银行间贷款的信心。总结如下：美联储以零利率或接近零利率的利率向几乎所有银行提供了数万亿美元的贷款，以纾困这些银行。这些资金大多投入股市，在数年时间里，利润足以弥补损失并偿还美联储。香港《文汇报》发表了一篇报道，称美国直接向银行注资。据媒体报道，这九家主要银行分别是高盛、摩根士丹利、摩根大通、美国银行和美林、花旗集团、富国银行、纽约梅隆银行和道富银行。 [3] [4] [5] [6] [7] [8]
After the crisis, Paulson and Goldman Sachs pushed for the establishment of a new category of bank under the title of “Global Systematically Important Bank (GSiB)“. GsiBs are classified as those banks whose systemic risk profile is deemed to be of such importance that the bank’s failure would trigger a wider financial crisis and threaten the global economy. This was the culmination of the “too big to fail” fairytale, and resulted in these Jewish banks (and bankers) now being perpetually protected from the results of future criminal acts, with a guarantee that the US Treasury would inject any amount of capital necessary to maintain their solvency.
危机过后，保尔森（Paulson）和高盛（Goldman Sachs）推动设立了一个名为“全球系统重要性银行（GSiB）”的新银行类别。GSiB被定义为那些其系统性风险状况被认为至关重要，以至于该银行的破产会引发更广泛的金融危机并威胁全球经济的银行。这是“大到不能倒”童话故事的顶点，导致这些犹太银行（和银行家）现在永远免受未来犯罪行为的影响，并得到美国财政部将注入任何必要资本以维持其偿付能力的保证。
Paulson used his new power to actually loot the US Treasury of $30 billion to purchase Bear Stern’s bad debts. That was an unconscionable theft of taxpayer money, without precedent or justification, and represented an enormous breach of faith. Paulson simply used his position and authority as a public servant to steal in total hundreds of billions of taxpayer dollars to save his Jewish friends in the other banks. And in fact, Paulson arranged for his old firm Goldman, Sachs to receive billions in bailout funds, because the company was in serious trouble: The after year the financial crisis began, Goldman’s shares plummeted by nearly 80%. In mid-September of 2008, to prevent Goldman itself from bankruptcy, Paulson arranged for the Bush administration to permit the firm to incorporate as a bank holding company. This gave Goldman access to a lifeline of extremely cheap loans from the Federal Reserve, and created $13 billion in excess profits for Goldman. Paulson engineered the same bailout for JP Morgan. Bloomberg reported that those bailouts to the faltering Jewish banks totaled $1.2 trillion. All of that was taxpayer money given to the criminals to save them from the effects of their own crimes.
保尔森利用其新获得的权力，从美国财政部挪用了300亿美元，用于购买贝尔斯登的不良债务。这是对纳税人资金的不合理盗窃，既无先例也无正当理由，是对信用的极大破坏。保尔森只是利用其作为公职人员的地位和权力，窃取了数千亿美元的纳税人资金，以拯救他在其他银行中的犹太朋友。事实上，保尔森还安排其老东家高盛公司获得了数十亿美元的纾困资金，因为该公司当时陷入了严重困境：金融危机爆发后的第二年，高盛的股价暴跌了近80%。2008年9月中旬，为了防止高盛破产，保尔森安排布什政府允许该公司转型为银行控股公司。这使得高盛能够从美联储获得极其廉价的贷款，并为高盛创造了130亿美元的超额利润。保尔森还为摩根大通策划了同样的纾困方案。据彭博社报道，这些对陷入困境的犹太银行的纾困总计达1.2万亿美元。所有这些都是纳税人资金被交给罪犯，以拯救他们免受自身犯罪行为的影响。
Before the end of 2008, Henry Paulson arranged the nationalisation of mortgage giants Fannie Mae and Freddie Mac, supported Bank of America as it absorbed Merrill Lynch, provided an $85 billion government rescue package to insurer AIG, instituted government guarantees for more than $3 trillion worth of money market funds, and got congressional approval of a $700 billion arsenal of government support for the entire financial system. The Treasury, during Paulson’s tenure, also established the Troubled Assets Relief Program (TARP).
2008年底前，亨利•保尔森安排对抵押贷款巨头房利美和房地美进行国有化，支持美国银行收购美林，向保险商美国国际集团提供850亿美元的政府救助计划，为价值超过3万亿美元的货币市场基金提供政府担保，并获得国会批准为整个金融体系提供7000亿美元的政府支持。在保尔森任职期间，财政部还设立了问题资产救助计划（TARP）。
After the U.S. government announced the takeover of Fannie Mae and Freddie Mac, and after providing enormous support to the banks, the US financial system still had no stability. Wall Street suffered a triple blow when Lehman Brothers went bankrupt, American International Group (AIG) desperately needed a $400 billion loan, and Merrill Lynch was acquired by Bank of America for nearly $440 billion.[9]
在美国政府宣布接管房利美和房地美，并向银行提供巨额支持后，美国金融体系依然缺乏稳定性。华尔街遭受了三重打击：雷曼兄弟破产，美国国际集团（AIG）急需4000亿美元贷款，以及美林公司以近4400亿美元的价格被美国银行收购。 [9]
Other countries had to do the same, to prevent their own financial sectors from total collapse. The governments of European countries such as France, Germany, Spain, the Netherlands and Austria launched their own bank rescue plans on October 13, with a total amount of 1.3 trillion euros. The German Ministry of Finance provided 5 trillion euros in loan guarantees and funds, 4 trillion euros as loan guarantees, equity injections of 800 billion euros into the banking system, and 200 billion euros from the budget to make up for possible loan losses. This was the largest market intervention by the German government since the fall of the Berlin Wall in 1989.
其他国家也不得不采取同样的措施，以防止本国金融部门彻底崩溃。法国、德国、西班牙、荷兰和奥地利等欧洲国家政府于10月13日推出了各自的银行救助计划，总金额达1.3万亿欧元。德国财政部提供了5万亿欧元的贷款担保和资金，其中4万亿欧元作为贷款担保，向银行系统注资8000亿欧元，并从预算中拨出2000亿欧元以弥补可能的贷款损失。这是自1989年柏林墙倒塌以来，德国政府规模最大的市场干预。
On September 20, 2008, when the Bush administration submitted a bill to Congress to save the financial system with TARP and other programs, major Western countries joined the firefighting and rescue operations, injecting huge amounts of money into the financial markets one after another. Within a week of the Lehman bankruptcy, several major European central banks injected a total of $64 billion into the banking system; On September 18, the Federal Reserve, the European Central Bank, the Bank of Japan and six other central banks issued a joint statement, announcing that they would jointly inject $247 billion into the financial system; the Bank of England injected about $9 billion into the UK’s short-term financial market; the Bank of Japan injected nearly $50 billion into the market. The Russian Ministry of Finance and the Central Bank injected about $20 billion. In addition, Asia-Pacific countries and regions such as China, India, South Korea, and Hong Kong also took rescue measures such as interest rate cuts and capital injections.
2008年9月20日，布什政府向国会提交了一项法案，旨在通过问题资产救助计划（TARP）和其他方案来拯救金融体系。随后，主要西方国家纷纷加入救火和救援行动，接连向金融市场注入巨额资金。雷曼兄弟破产后一周内，几家主要的欧洲中央银行向银行系统共注资640亿美元；9月18日，美联储、欧洲中央银行、日本银行和其他六家中央银行发表联合声明，宣布将共同向金融体系注资2470亿美元；英格兰银行向英国短期金融市场注资约90亿美元；日本银行向市场注资近500亿美元。俄罗斯财政部和中央银行也注资约200亿美元。此外，中国、印度、韩国和香港等亚太国家和地区也采取了降息和注资等救援措施。
France announced a financing plan of 3.6 trillion euros of loan guarantees and share purchases. The Spanish government planned to use 1 trillion euros to guarantee bank debt, while the Austrian government said it would provide up to 850 billion euros of guarantees and another 150 billion euros of capital injected into the banks. The UK Treasury injected nearly £400 billion into Royal Bank of Scotland, HBOS and Lloyds TSB Bank. The Dutch government said it would guarantee 2 trillion euros of interbank loans. Italy said that the Italian government would implement “any necessary measures” to save the country’s banks. EU leaders also agreed to guarantee all new bank debt and to use taxpayer funds to protect all the lenders.
法国宣布了一项3.6万亿欧元的融资计划，包括贷款担保和股份购买。西班牙政府计划动用1万亿欧元为银行债务提供担保，而奥地利政府则表示，将提供至多8500亿欧元的担保，并向银行注入1500亿欧元资本。英国财政部向苏格兰皇家银行、HBOS和Lloyds TSB Bank注资近4000亿英镑。荷兰政府表示，将担保2万亿欧元的银行间贷款。意大利表示，意大利政府将采取“任何必要措施”来拯救该国银行。欧盟领导人还同意为所有新的银行债务提供担保，并动用纳税人资金来保护所有贷款人。
让我们来一场金融危机吧 — Let’s Have a Financial Crisis
In a prior article titled “Humanity at the Crossroads” [10] I dealt briefly with one example of the outcome of a nation signing this bankers’ agreement, only to have the Jewish vultures descend on it with a vengeance. In that article I wrote: Greece is now a failed state, an almost perfect exemplar of our future, the definitive ideal of those planning the world to come. Driven into bankruptcy by unrepayable loans, the leaders of Greece threw away their nation’s one chance for survival as a sovereign state and instead capitulated totally, accepting draconian measures meant to perpetually impoverish their population, while privatising the entire nation in one fell swoop.
在先前的一篇题为《人类处于十字路口》的文章[10]中，我简要地举了一个例子，说明一个国家签署这份银行家协议的后果，结果却被犹太秃鹫狠狠地盯上了。在那篇文章中，我写道：希腊现在是一个失败的国家，几乎完美地预示着我们的未来，是那些规划未来世界的人的终极理想。由于无法偿还的贷款而陷入破产，希腊领导人放弃了国家作为一个主权国家生存的唯一机会，而是完全屈服，接受旨在永久性地使民众陷入贫困的严厉措施，同时一举将整个国家私有化。
The international (Jewish) bankers bullied Greece into placing the nation’s entire infrastructure into a so-called trust (controlled by “an independent Luxembourg-based company”), which, by order, would be “entirely outside the reach or influence” of the Greek government. The bankers and their friends will now take ownership of all of it, at prices they set. Greece has virtually ceased to exist as a sovereign nation, and there are many others similar, including Cyprus, Haiti, Somalia, Iraq, Libya, the Balkans, Panama, Nicaragua.
国际（犹太）银行家们威逼希腊将该国全部基础设施置于一个所谓的信托基金（由“一家总部位于卢森堡的独立公司”控制）之下，根据命令，该信托基金将“完全不受希腊政府的影响”。银行家及其朋友们现在将按照他们设定的价格，获得所有这些基础设施的所有权。希腊作为一个主权国家几乎已不复存在，还有许多其他类似的国家，包括塞浦路斯、海地、索马里、伊拉克、利比亚、巴尔干半岛国家、巴拿马和尼加拉瓜。
I began that article with this: Humankind is at a cusp, a point of transition between two different states of governance and existence. The world today is like a sack being slowly filled while the string around the opening is pulled increasingly tighter to prevent the contents from escaping confinement. The shadows of this future are everywhere to be seen but even the keenest of observers tend to view the portents not as the warnings they are, but instead regard all these pieces of one despairing puzzle as disconnected and unrelated events.
那篇文章的开头是这样写的：人类正处于一个风口浪尖，一个介于两种不同治理和存在状态之间的过渡点。当今世界就像一个慢慢被填满的袋子，而袋子口周围的绳子却越拉越紧，以防止内容物逃脱束缚。未来的阴影随处可见，但即便是最敏锐的观察者，也往往不会把这些预兆视为警告，而是将所有这些令人绝望的碎片视为互不关联的事件。
I wrote above that the FED raised interest rates in 2006, ostensibly in an attempt to slow the growth of the housing market, but surreptitiously an act that effectively burst the bubble to collapse house prices, force the nearly limitless foreclosures, and permit the hedge funds to purchase all those homes after prices collapsed. But that’s only part of the story. In an earlier essay titled “Let’s Have a Financial Crisis, [11] I explained that every crash, every recession, in the US has been caused in precisely the same way: the FED turns the credit and money taps wide open to create a housing or stock market bubble, then severely contracts the money supply and credit to burst the bubble. The outcome is the same in every case: When “the blood is flowing in the streets”, the Jewish investment banks, financiers, hedge funds, billionaires, and other vultures, then buy up all the insolvent and bankrupt banks and companies (and homes) for pennies on the dollar. Then, the FED slowly returns the money and credit situation to normal, re-inflates the stock market, waits a few years, and repeats. This is so obvious that it’s a template easily recognised.
我在上文提到，美联储在2006年提高了利率，表面上是为了减缓房地产市场的增长，但实际上这一行为有效地戳破了泡沫，导致房价暴跌，迫使大量房屋止赎，并允许对冲基金在价格暴跌后购买所有这些房屋。但这只是故事的一部分。在早前的一篇题为《让我们来一场金融危机吧》的文章中[11]，我解释过，美国的每一次崩溃、每一次衰退都是以完全相同的方式造成的：美联储大开信贷和货币供应的闸门，制造房地产或股市泡沫，然后严重收缩货币供应和信贷，戳破泡沫。每次的结果都是一样的：当“血流满街”时，犹太投资银行、金融家、对冲基金、亿万富翁和其他贪婪的秃鹫们就会以极低的价格收购所有资不抵债和破产的银行和公司（以及房屋）。然后，美联储慢慢让货币和信贷状况恢复正常，重新推高股市，等待几年，然后重复这一过程。这一点显而易见，简直就是一个很容易识别的模板。
This has been the standard modus operandi for the Jewish bankers for at least 150 years in the US. As one example, we have the communication from the National Bankers’ Association in what came to be known as the “Panic Circular of 1893.” It stated: “You will at once retire one-third of your circulation and call in one-half of your loans.” And that is how these Jewish central bankers create recessions after they build a bubble: an instant reduction of 35% or more in the nation’s money supply and a 50% reduction in total credit. The inevitable result is the bankruptcies of thousands of corporations and banks, and an enormous plunge in stock market values and corporate assets of every description – which are now available for pennies on the dollar. Wait five or ten years, and repeat. The purpose is the immense transfer of wealth available in each such cycle, and not only from small banks and corporations but from the general public as well, many of whom also lose everything they had, all of those assets eventually filtering up to the few Jewish oligarchy bankers who planned the events. The Great Depression of the 1930s was one such deliberately-contrived travesty. The 1983 financial disaster was another, this one even openly and publicly announced by Paul Volcker.
这至少是150年来美国犹太银行家的标准操作手法。例如，我们有一份来自全国银行家协会的信函，后来被称为“1893年恐慌通告”。信中写道：“你们将立即收回三分之一的流通量，并收回一半的贷款。”这就是这些犹太中央银行家在制造泡沫后制造衰退的方式：国家货币供应量立即减少35%或更多，信贷总额减少50%。其必然结果是成千上万的公司和银行破产，以及各种股票市场价值和公司资产的大幅下跌——这些资产现在只能以几美分的价格买到。等待五年或十年，然后重复。其目的是在每个这样的周期中实现巨大的财富转移，不仅从小银行和小公司，而且从普通大众那里，其中许多人也会失去他们所拥有的一切，所有这些资产最终都会流向策划这些事件的少数犹太寡头银行家。20世纪30年代的大萧条就是这样一个蓄意制造的悲剧。1983年的金融灾难是另一个例子，这一次甚至由保罗·沃尔克公开宣布。
*
Mr. Romanoff’s writing has been translated into 34 languages and his articles posted on more than 150 foreign-language news and politics websites in more than 30 countries, as well as more than 100 English language platforms. Larry Romanoff is a retired management consultant and businessman. He has held senior executive positions in international consulting firms, and owned an international import-export business. He has been a visiting professor at Shanghai’s Fudan University, presenting case studies in international affairs to senior EMBA classes. Mr. Romanoff lives in Shanghai and is currently writing a series of ten books generally related to China and the West. He is one of the contributing authors to Cynthia McKinney’s new anthology ‘When China Sneezes’. (Chap. 2 — Dealing with Demons).
罗曼诺夫先生的作品已被翻译成34种语言，他的文章被发布在30多个国家的150多个外文新闻和政治网站上，以及100多个英文平台上。拉里·罗曼诺夫是一位退休的管理顾问和商人。他曾在国际咨询公司担任高级管理职务，并拥有一家国际进出口企业。他曾担任上海复旦大学的客座教授，为高级EMBA课程讲授国际事务案例研究。罗曼诺夫先生现居上海，目前正在撰写一系列共十本书，总体上涉及中国与西方。他是辛西娅·麦金尼新选集《当中国打喷嚏》（第2章——与恶魔打交道）的特约作者之一。
His full archive can be seen at
他的全部档案可以在以下网址查看：
https://www.bluemoonofshanghai.com/ + https://www.moonofshanghai.com/
He can be contacted at:
他的全部档案可以在以下网址查看：
2186604556@qq.com
*
NOTES – Aftermath
注释——后果
[1] Goldman, Sachs
[1] 高盛
https://www.nytimes.com/2009/12/24/business/24trading.html
https://www.nytimes.com/2009/12/24/business/24trading.html
[2] Letter now deleted
[2] 信件现已删除
https://www.goldmansachs.com/media-relations/in-the-news/archive/response-scdo.html
https://www.goldmansachs.com/media-relations/in-the-news/archive/response-scdo.html
[3] The Fed once again lent $24.12 billion to large investment banks
[3] 美联储再次向大型投资银行提供了241.2亿美元的贷款
http://finance.ce.cn/fe/gdxw/200805/02/t20080502_13027280.shtml
http://finance.ce.cn/fe/gdxw/200805/02/t20080502_13027280.shtml
[4] The Fed injected $70 billion into the financial system
[4] 美联储向金融体系注资700亿美元
https://www.chinanews.com/cj/gjcj/news/2008/09-17/1383884.shtml
https://www.chinanews.com/cj/gjcj/news/2008/09-17/1383884.shtml
[5] The United States used $250 billion to invest in nine major banks in hopes of restoring market confidence
[5] 美国向九大银行注资2500亿美元，以期重振市场信心
https://www.chinanews.com.cn/hb/news/2008/10-15/1412236.shtml
https://www.chinanews.com.cn/hb/news/2008/10-15/1412236.shtml
[6] The United States supports banks with $250 billion, and Europe and Australia have introduced rescue plans
[6] 美国为银行提供了2500亿美元的支持，而欧洲和澳大利亚也出台了救助计划
http://news.big5.enorth.com.cn/system/2008/10/15/003719691.shtml
http://news.big5.enorth.com.cn/system/2008/10/15/003719691.shtml
[7] The U.S. “bailout cake” is distributed, and the banking industry is the first to “try it”
[7] 美国“纾困蛋糕”已分发，银行业率先“尝鲜”
http://big5.news.cn/gate/big5/jjckb.xinhuanet.com/gjxw/2008-10/29/content_125033.htm
http://big5.news.cn/gate/big5/jjckb.xinhuanet.com/gjxw/2008-10/29/content_125033.htm
[8] “Relief fund” or “equalization fund”?
[8] “救济基金”还是“平准基金”？
https://opinion.caixin.com/m/2008-09-16/100189777.html
https://opinion.caixin.com/m/2008-09-16/100189777.html
[9] The Federal Reserve joined forces with ten banks to establish a 700 billion equalization fund
[9] 美联储联合十家银行，共同设立了一个7000亿美元的平准基金
https://big5.cctv.com/gate/big5/finance.cctv.com/20080916/101034.shtml
https://big5.cctv.com/gate/big5/finance.cctv.com/20080916/101034.shtml
[10] Humanity at the Crossroads
[10] 人类处于十字路口
[11] Let’s Have a Financial Crisis
[11] 让我们来一场金融危机吧
*
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