Enjoy the coming slump. That is not what the Bank for International Settlements says to the US and other overindebted economies. But it is what its latest annual report implies. I admired the warnings of monetary and financial excesses that the BIS gave under its former economic adviser, William White. I respect Stephen Cecchetti, his successor. But I disagree with the thrust of this report. It understates the obstacles to across-the-board austerity.
享受即將來臨的經濟下滑吧。這雖然不是國際結算銀行(BIS)向美國和其它過度負債經濟體說的話，卻正是其最新年報所暗示的。我欽佩BIS在其前任經濟顧問威廉•懷特(William White)領導下發出的關於貨幣和金融過度的警告，我也尊重接替懷特的史蒂芬•切凱蒂(Stephen Cecchetti)，但我不同意這篇報告的主要觀點。它低估了全面緊縮的障礙。
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