Banking is inherently fragile because it involves transforming liquid liabilities into illiquid assets.

银行业本质上是脆弱的，因为它涉及将流动负债转化为非流动性资产。

The best way to prevent financial crises is to have strong capital buffers in good times.

预防金融危机的最佳方法是在经济景气时期建立强大的资本缓冲。

Financial innovation is like fire - it can be very useful, but it needs to be contained.

金融创新就像火一样-它可能非常有用，但需要加以控制。

The biggest risk in banking is not lending to bad borrowers, but borrowing from flighty lenders.

银行业最大的风险不是向不良借款人放贷，而是从善变的贷款人那里借款。

Short-term funding markets are the Achilles' heel of modern finance.

短期融资市场是现代金融的阿喀琉斯之踵。

Banks are special because they create money, and that's why they need special regulation.

银行之所以特殊是因为它们创造货币，这就是为什么它们需要特殊监管。

The key to financial stability is proper regulation that aligns incentives between bankers and society.

金融稳定的关键在于适当的监管，使银行家和社会之间的激励机制保持一致。

A well-designed deposit insurance system can prevent bank runs without creating excessive moral hazard.

设计良好的存款保险制度可以防止银行挤兑，同时不会造成过度的道德风险。

Financial crises are not acts of God. They are caused by human actions and can be prevented by human actions.

金融危机不是天灾。它们是由人类行为引起的，也可以通过人类行为来预防。

The most important thing in banking is to make sure that the bank doesn't fail.

银行业最重要的事情是确保银行不会倒闭。