All the talk of letters a year ago made economists seem like characters on Sesame Street. Would the world see an L-shaped recovery or would it be more like a U? The most scary letter was W. But fears of a return to negative growth eased as economies stabilised and equities began their extraordinary rebound. Recently, however, cracks in Europe have been blamed for sending markets into a spin. US stocks have dropped by about one-tenth, month to date. Some European indices are down by almost double that. Investors are piling into bonds.
一年前關于字母的討論,讓經濟學家看上去就像幼兒電視節目《芝麻街》(Sesame Street)里的人物。全球經濟將呈L型復蘇,還是會更像U型?最可怕的就是W型。不過,隨著世界各地經濟企穩,股市展開非凡的反彈,人們也松了一口氣,不再那么擔心全球經濟會重新陷入衰退了。可是近期市場再度大跌——對此人們認為源頭出在歐洲。本月迄今,美股已下跌約10%;歐洲部分股指的跌幅更是接近20%。投資者開始追捧債券。