A third group, led by the US, has not yet made an explicit de-leveraging choice. Having more time, they are using the less visible, and much more gradual, path of “financial repression,” under which interest rates are forced down so that creditors, including those on modest fixed incomes, subsidize debtors.
以美国为首的第三类国家则尚未找到清晰的去杠杆化选项。由于时间尚算充裕，所以它们会选择相对隐性也更加渐进的“金融抑制”路径，利率会被压低，以便让那些债权人，包括那些拥有中等固定收入的人能补贴债务人。