When all else fails, perhaps the oil price will come to the rescue. The eurozone crisis is hardly solved even though Spain’s banks have been bailed out. China’s growth rate is slowing. The US economy is treading water. Many banks still depend on central bank liquidity. But the oil price is at least retreating: Brent crude has fallen below $100 a barrel. The question is whether that is being driven merely by volatility or by actual assessments of risk.
當什么都不奏效的時候，或許油價將會充當救世主。歐元區危機幾乎完全沒有解決，即便西班牙的銀行已經得到了紓困。中國經濟增長正在放緩。美國經濟停滯不前。許多銀行仍依賴央行提供的流動性。但至少油價在回落：布倫特原油價格已經跌至每桶100美元下方。問題在于，回落僅僅是由波動性造成的，還是因為實際的風險評估所觸發的。
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