liquidation value may be either the result of a forced liquidation or an orderly liquidation.
清算价值既可能是被迫清算的价值也可能是正常清算的价值。
the bursting of bubbles causes credit contraction, the forced liquidation of assets, deflation and wealth destruction that may reach catastrophic proportions.
泡沫破裂导致可能达到灾难水平的信贷紧缩、资产清算、通缩以及财富缩水。
step 12 would be 「a vicious circle of losses, capital reduction, credit contraction, forced liquidation and fire sales of assets at below fundamental prices」.
第十二步将是「亏损、资本减少、信贷收缩、被迫清算和以低于基本面价格廉价出售资产的恶性循环」。