法兴大空头：“黑天鹅”事件频发，投资者还在买买买

听外媒聊金融，收听原汁原味的双语文章，和全球金融人士共享有趣成长和优秀思想。

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Behold, the ‘most frightening chart’ that Albert Edwards wants investors to see
Albert Edwards想让投资者看的一张骇人图表

It shows credit spreads holdingsteady even as

political uncertaintyspikes to anunprecedented level.

credit spreads 信用利差

political uncertainty 政治不确定性

Spike 攀升

Historically, there's been a close relationship 
between the Economic Policy Uncertainty Index — 
which has hit an all-time high after the Italian 
referendum — and credit spreads: In times of higher 
uncertainty, global credit spreads have gone up.
Italian referendum 意大利公投

Putsimply, the debt market hasn't seen a lot of selling

orinstability even though the outlook for global policy

is murkier thanit's been in over a decade.

outlook  展望; 前景

murky  昏暗的，模糊的

Investors should be worried, said Edwards, as his

analysis shows that U.S. debt is the “vortex of

debility for the next recession.”

vortex 旋涡

debility 虚弱；衰弱

recession 衰退