看一个视频，读一段稿子，建立事物之间的连接，增加对世界的认识，看清背后的规律。
通过对这个视频的整理和分析，我完整的经历了一次典型的“先把书读厚，再把书读薄”的过程：
看视频的时候，无论是新闻中的事件，还是生活中的经历，都一下鲜活地联想出来，感觉一句话后面我至少可以停顿十秒联想到三个不同的故事，书就这样被读厚了；
在总结的时候，通过对重点的提炼和归纳，去掉了阐释性的话语，去掉了具体事例的秒速，虽然看起来可能是枯燥无味生涩难懂，但都是其中最精华的骨架，这样就把书给读薄了。
下面具体说说。
How the economic machine works?
如何去杠杆化？
在《How the economic machine works?》的视频最后一部分，介绍了在长期债务周期中，如何去杆杠化的一些调控手段，最主要有四点：
1. 减少支出 2. 减少债务 3. 财富再分配 4. 印钞
去杠杆化的四种手段
前三个手段都会造成消费的减少，通货紧缩，经济会下行，印钱这一手段能增加表面收入，让人们觉得更有钱后才有更多信心投资借贷进行生产。所以，印钞不一定是坏事，也不一定会引起通货膨胀，只要能抵消前三种行为的影响，物价水平就会保持相对稳定水平。
最重要的三条信息：
1. 不要让自己的债务超过自己的收入水平，因为迟早负债会把你压垮；
2. 不要让自己的收入超过自己的生产力水平，因为你迟早将变得没有竞争力；
3. 尽一切所能提高自己的生产力水平，因为这才是长期来讲最重要的事情。
三个典型规律：生产率增长，短期债务和长期债务周期
英文笔记：
Deleveraging
Cut spending- incomes fall- credit disappears- asset prices drop- bank gets squeezed- the stock market crashes- social tensions rise;
Borrowers can no longer borrow enough money to make their debt repayments, so they are forced to sell assets;
Assets floods the market and spending fall- the value of collateral drops- make borrowers less credit worthy;
Difference with recession: borrowers debt burdens have gotten too big and can’t be relieved by lowering interest rates.
Lenders realize that debts is too large to be paid back; Borrowers lost their ability to repay and collateral price dropped; So, they both stop lending and borrowing.
Deleveraging Tools
Cut spending
Reduce debts
Redistributed wealth
Print money
Cutting Spending:
Austerity
Reduce debts:
Debt restructuring: lender get paid back less/ over a longer time frame/ lower interest rates.
Deflationary
Budget deficit: spend more to stimulate the economy (less taxes)
Redistributed wealth:
Government raise taxes on the wealthy
Social disorder (national and international)
Print new money:
Inflationary and stimulative
Use the money to buy financial assets and government bonds(central bank lend money to government)
A beautiful deleveraging
A balance between a certain mix of cut in spending, reducing debt, transferring wealth and printing money.
Will printing money raise inflation?
No: It won't it it offsets falling credit;
Yes: When abused, it may cause high inflation;
Point: Printing money can make up for the disappearance of credit of pump up income growth to higher than the debt rate;
Three key message:
Don’t have debt rise faster than income because your debt burdens will eventually crush you.
Don’t have income rise faster than productivity because you’ll eventually become uncompetitive.
Do all that you can to raise your productivity because in the long run, that’s what matters most.
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