The global distribution of income had shifted away from the advanced countries’ middle class toward the rich and the emerging economies, resulting in excess worldwide savings. The only way to avoid stagnation was to push the middle class deeper into debt, helped by low interest rates and lenient lending rules.
萨默斯的观点是，危机前债务并不是外生反常现象，而是全球需求不足的结果。全球收入分配正在从发达国家中产阶级向富人和新兴经济体倾斜，导致全球储蓄过剩。避免停滞的唯一办法是让中产阶级进一步负债，而手段就是低利率和宽松的贷款规则。