Fair-value accounting, which pegs assets to current market prices rather than their historic value, leads to downward (and upward) spirals in asset prices, and hence leverage.

• 挂钩于资产的现时市场价值而非历史价值的公允价值会计引发了资产价格内的下行(亦上上行)螺旋，并进而带来杠杆的运用。