We are in the midst of a deleveraging, we are nearly out of ammunition and we are at each other’s throats. Being in a deleveraging and nearly out of ammunition is a very difficult position to be in. But being at each other’s throats is our biggest problem.
我們正處在一個去杠桿化的世界，我們幾乎彈盡糧絕，我們正在互相廝殺。處于一個去杠桿化的世界而且?guī)缀鯊棻M糧絕是非常艱難的處境。但互相廝殺才是我們的最大問題。
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