避免草脚，翻译好了再加到100分采纳
Globalisation allowed the US to suck up the savings of the rest of the world and consume more than it produced. The US current account deficit reached 6.2 per cent of gross national product in 2006. The financial markets encouraged consumers to borrow by introducing ever more sophisticated instruments and more generous terms. The authorities aided and abetted the process by intervening whenever the global financial system was at risk. Since 1980, regulations have been progressively relaxed until they have practically disappeared.

The super-boom got out of hand when the new products became so complicated that the authorities could no longer calculate the risks and started relying on the risk management methods of the banks themselves. Similarly, the rating agencies relied on the information provided by the originators of synthetic products. It was a shocking abdication of responsibility.

Everything that could go wrong did. What started with subprime mortgages spread to all collateralised debt obligations, endangered municipal and mortgage insurance and reinsurance companies and threatened to unravel the multi-trillion-dollar credit default swap market. Investment banks' commitments to leveraged buyouts became liabilities. Market-neutral hedge funds turned out not to be market-neutral and had to be unwound. The asset-backed commercial paper market came to a standstill and the special investment vehicles set up by banks to get mortgages off their balance sheets could no longer get outside financing. The final blow came when interbank lending, which is at the heart of the financial system, was disrupted because banks had to husband their resources and could not trust their counterparties. The central banks had to inject an unprecedented amount of money and extend credit on an unprecedented range of securities to a broader range of institutions than ever before. That made the crisis more severe than any since the second world war.

全球化允许美国吮世界其他地方的储款，并且消耗更多比它生产了。 美国往来帐户亏损在2006年到达了国内总产值的6.2%。 金融市场鼓励消费者通过介绍更多老练仪器和更加慷慨的期限借用。 当局通过干预，每当援助了并且教唆了过程全球性财政系统是危险的。 自1980年以来，章程日益放松了，直到他们实际消失了。

当新产品变得很复杂当局可能不再计算风险和开始的依靠银行的风险管理方法The super-boom就会失控。同样，定额机构依靠合成产品的创作者提供的信息。 它是责任的可怕的放弃王位。
任何事情都有可能出错。 subprime开始抵押传播对所有的抵押债务，危险的市政和不动产抵押借款保险和再保险公司和威胁解开多兆美元信用缺省交换市场。 对融资收买的投资银行的承诺成为了责任。 市场中立套利基金结果不是市场中立的，并且必须被解开。 资产回收的商业本票市场停止了，并且由得到抵押的银行的特别投资工具设定他们的资产负债表可能不再得到外部财务。 最后的吹动来了，是在财政系统中心，打乱了银行间的借贷，因为银行必须丈夫他们的资源，并且不可能信任他们的交易对手。 中央银行必须注射史无前例的金额和致以在证券的一个史无前例的范围的信用对各种各样的机关。 那样的话会比第二次世界大战还要严重和危险


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