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.
全球經濟是如何墜入深淵的?如今全球經濟正在復甦,但過程相當痛苦,而且剛剛經歷了嚴重衰退,儘管各國政府實行了空前的貨幣和財政寬鬆政策。另外,從這種強行餵食中,有多大可能產生一個平衡的全球經濟呢?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,我們已經不是第一次必須引導全球經濟渡過泡沫崩潰後階段了。