The business cycle is a series of peaks and troughs.

商业周期是一系列的高峰期和低谷期。

Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.

虚假的信贷膨胀——不是过储蓄创造出来的信贷——过制造了大量资本的错误投资而导致了商业周期。