Niall Ferguson is not given to understatement. So I was not surprised by the claim last week that the US will face a Greek crisis. I promptly dismissed this as hysteria. Like many other high-income countries, the US is indeed walking a fiscal tightrope. But the dangers are excessive looseness in the long run and excessive tightness in the short run. It is a dilemma of which Prof Ferguson seems unaware.
尼爾•佛格森(Niall Ferguson)並不總是那樣剋制。因此，當他日前聲稱美國將面臨一場希臘式危機時，我絲毫不覺得意外。我很快就判定他的論斷有些過激。與其它許多高收入國家一樣，美國的財政政策的確是在走鋼絲。但它所面臨的風險是：從長期來看，其政策過於寬鬆，而在短期內又過於緊縮。佛格森教授似乎沒有意識到這一兩難境地。
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