supercycle

Junk bonds have only existed in a world of extended business cycles, coinciding with the debt supercycle of the past two decades.

垃圾债仅存在于商业周期被拉长的世界中，这与过去二十年的债务超级周期恰好相吻合。

The debt supercycle is a simple idea: Sound economic policy requires deficit spending and stimulus efforts to stop financial crises and restore economic growth.

债务超级周期的概念很简单：有效的经济政策需要赤字支出和刺激性措施来阻止金融危机、恢复经济增长；

Noting" the third leg of the debt supercycle does seem to be upon us, "Professor Kenneth Rogoff of Harvard University said:" Anyone who is still telling the' This Time is Different "story for China has their head in the sand."

哈佛大学（Harvard University）教授肯尼思圠格夫（Kenneth Rogoff）指出，“债务超级周期的第三阶段似乎已经降临”。他说：“任何人如果还在讲对中国来说‘这次不同’的故事，肯定是把他们的头埋在沙子里。”

The debt supercycle is an idea that has been knocking around policy circles for the a few years, since it was first elucidated in 2007 by BCA research, an independent banking research firm that often finds itself at the top of central banker inboxes.

这一概念最早是2007年由BCA Research首先提出，这家银行业独立研究机构的名字时常出现在各国央行行长收件箱的首列。