The severity of the present crisis is an opportunity to remedy deep-seated problems. A fundamental (not proximate) cause of our economic plight is the imbalance in current accounts – in particular between the US and China – during the past decade. We can choose our narrative tone – for example, that US spending saved the world from a decline in growth as the east Asians and some others built up their reserves through export-led expansion.
當前危機的嚴重性提供了解決根深蒂固問題的機遇。我們經濟困境的一個根本（而非近似）原因是過去10年經常賬戶的失衡——尤其是美國和中國之間。我們可以選擇自己的說法，例如，在東亞和一些其他國家利用出口導向型經濟擴張積累外匯儲備之際，美國的消費挽救了全球經濟增長，使其免于下降。
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