We are in the grip of the most significant global financial crisis for seven decades. As a result, the world has run out of creditworthy, large- scale, willing private borrowers. The alternative of relying on vast US fiscal deficits and expansion of central bank credit is a temporary – albeit necessary – expedient. But it will not deliver a durable return to growth. Fundamental changes are needed.
我們陷入了70年來最深重的全球金融危機，結果是，在全球范圍內，既有信用、又有意愿的大規模私人貸款者已“折損殆盡”。依賴美國龐大的財政赤字和央行信貸擴張，雖然是必要之舉，卻是暫時的權宜之計，它無法使經濟長久恢復增長。必須進行根本變革。
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