The long line of steel rails were as the bars of a prison.

You won't be punished. I give you my word.

So consumers got overleveraged.

And on the right hand side, there's a scale that shows the rocket's velocity.

My golf clubs. Putter, niblick, No.3 iron.

But it was a bubble and a highly leveraged one at that. While periodic bubbles may be unavoidable, and no bubble is without consequences, a highly leveraged bubble tends to cause far more damage, owing to its impact on the real economy and the duration of the deleveraging process.

It was the banisters, the broken banisters.

And then finally, I take a rule, and move the rule to a date line which then tells me the time here.

Without disputing the need for some deleveraging, a new incarnation of the Vienna Initiative Vienna 2.0 seeks to make the process orderly. After all, excessive and chaotic deleveraging by lenders to emerging Europe and the ensuing credit crunch would destabilize this economically and institutionally fragile region.

Cue, yes.

Two other people you know are very good at making the wooden shafts, but they're hopeless at making the arrowheads.

The pool cue has nerves in it.

You'd be better off with an ordinary cue. That's a bridge.

But there remains the question of whether consumption share growth is sustainable that is, whether it is the result of income share growth or rising leverage. If it is supported by excessive leverage, effectively shifting future consumption to the present, China could face a significant slowdown or even a major crisis.

Let's imagine that you are really good at making arrowheads, but you're hopeless at making the wooden shafts with the flight feathers attached.

Flag poles

But it's also, of course, to do with the massive crisis that followed excessive leverage, excessive borrowing in the private sector.

Seeing such data, one cannot help but be stupefied. According to the statistical data of Suning Financial Research Institute, the leverage ratio of Chinese households was only 3 in 1996 and 18 in 2008. But this figure doubled in just six years since the trend of rapid growth of leverage ratio set in, reaching 36.4 . By the third quarter of 2017, the leverage ratio of households has reached 48.6 .

My mashie.

Par

Par

You are just like this cup. full of your own views and with your own way of thinking.

The residents sector accounts for an increasing share of the total debt in the real economy, and the leverage ratio has risen rapidly.

So you can think of it as tent poles that actually raise the density of the entire city.

My golf clubs.

Joystick

Maximum number of strokes

Oh, the driving rod?

Call it.

Up on the railing. Up on the railing, step in time Up on the railing, step in time

Up on the railing, step in time

Take a cue.

The bridge cue!

One is that, facing declining growth, policymakers will resort to excess investment or leverage (or both), creating instability. The other is that they will resort to neither, and that no alternative growth engines will have been started, leading to an extended slowdown with unpredictable political consequences at home and serious economic consequences abroad.

This is a sturdy handrail.

As a result, households want to spend less and pay down their debts. To some extent, this is the natural aftermath of any credit boom.

Our fence is made of iron.

And we tagged them very simply, not very hi tech, with a big, long pole.

CS The barrel of the gun!

The stick!

How good is he?

One explanation is that the advanced economies had taken on too much debt and needed to deleverage, contributing to a pattern of public sector underinvestment and depressing consumption and private investment as well. But deleveraging is a temporary process, not one that limits growth indefinitely.

There are lots of people out there who don't have purpose in their life, and bringing purpose to their life is a wonderful goal.

His bike ran into a guard rail.

Whip shafts too.