我们仍处于政府债泡沫的最后阶段，这个泡沫是金融危机最初阶段市场资金纷纷向美债“寻求避风港”所堆积起来的。
We are still in the last stages of a bubble in government debt that arose in the first stage of the financial crisis from the “flight to security” of US Treasuries.