近几年来,美国资产价格如房地产、股票和艺术品暴涨,现已构成对世界经济极大的威胁。美国股市在过去两年中累计已有65%的升幅,今年又有15%的升幅,这还并非泡沫的唯一症状,美国的商业财产市场同样在开始产生泡沫,兼并正在达到创纪录的水平。大集团的合并加剧股价上涨,这其实是不祥之兆,因为狂热的合并通常是在牛市市场走到最后阶段的产物。美国的商品和服务价格方面的通胀显得较为温和的同时, In recent years, soaring asset prices in the United States such as real estate, stocks and works of art have now constituted a great threat to the world economy. The U.S. stock market has accumulated a 65% increase over the past two years and another 15% increase this year. This is not the only sign of a bubble. The commercial property market in the United States is also beginning to have a bubble and the merger is reaching record levels. Big group mergers have exacerbated share price increases, which is really bad news, as fanatical mergers are often the product of the bull market’s final stages. While the inflation in the prices of goods and services in the United States has become more moderate,