How did the world economy fall into such a deep hole? It is recovering, but painfully, and after a deep recession, despite unprecedented monetary and fiscal easing. Moreover, how likely is it that a balanced world economy will emerge from this force-feeding? The very fact that such drastic action has been necessary is terrifying. The fact that there is little room for a policy encore is yet more terrifying. Most terrifying of all is that this is not the first time in recent decades the world economy has had to be guided through a post-bubble collapse.
全球經(jīng)濟是如何墜入深淵的？如今全球經(jīng)濟正在復(fù)蘇，但過程相當痛苦，而且剛剛經(jīng)歷了嚴重衰退，盡管各國政府實行了空前的貨幣和財政寬松政策。另外，從這種強行喂食中，有多大可能產(chǎn)生一個平衡的全球經(jīng)濟呢？但這種猛烈措施是必要的，這是一個可怕的事實。更可怕的是，現(xiàn)在幾乎沒有再次使用政策手段的空間。最可怕的是，近幾十年來，我們已經(jīng)不是第一次必須引導(dǎo)全球經(jīng)濟渡過泡沫崩潰后階段了。