With something called a credit default swap.

利用信用违约掉期。

But one of the more interesting market reactions we've seen so far is credit default swaps.

但到目前为止， 我们看到的更有趣的市场反应之一是信用违约掉期。

The second was the credit default swap market, which is, these are essentially insurance contracts against a company going bust.

第二个是信用违约互换市场，也就是说，这些市场本质上是针对公司破产的保险合同。

They created exotic, and risky, financial instruments, including derivatives and credit default swaps, that produced sugar highs of immediate profits but separated those taking the risk from those who would bear the consequences.

他们创造了奇异且高风险的金融工具，如金融衍生品和信用违约掉期(cds)，给消费者许下了立竿见影的高额利润的美梦，但又把承担风险的人和承担后果的人分开了。

But before Dodd-Frank, swaps weren’t regulated. And the sellers of the credit default swaps didn’t actually have enough money to pay out if the worst happened.

但在多德-弗兰克法案之前， 互换不受监管。如果最坏的情况发生， 信用违约掉期的卖方实际上没有足够的钱来支付。

The cost of insuring against a default on American government debts, as measured by credit default swaps, has rocketed over the past few months to a record high.

以信用违约互换衡量的美国政府债务违约保险成本在过去几个月飙升至历史新高。

I think what a lot of people maybe don't understand is that things like credit default swaps, you know, they sound very scary, has the word default in there.

我想很多人可能不明白的是， 像信用违约互换这样的东西，你知道，它们听起来很可怕， 里面有违约这个词。

There are many types of derivatives - ones that help keep the economy stable and ones that did the complete opposite. One of the more controversial of these is the credit default swap.

衍生品有很多种——一种有助于保持经济稳定，另一种则起到完全相​​反的作用。其中一个比较有争议的是信用违约掉期。

Here’s how it works. Say you’re giving a company a big loan. It’s a great deal if you get all that money back, but what happens if the company goes bankrupt? That’s where a credit default swap comes in. It’s your insurance.

这是它的工作原理。 假设您要向一家公司提供大笔贷款。如果你能把所有的钱都拿回来， 那是很划算的， 但如果公司破产了怎么办？这就是信用违约掉期的用武之地。 这是您的保险。