At the end of 2008, when the scale of the impending economic destruction was not yet apparent, Olivier Blanchard, the International Monetary Fund’s chief economist, boldly called for a global fiscal stimulus, stating that, in these “not normal times,” the IMF’s usual advice – fiscal retrenchment and public-debt reduction – did not apply. He warned that if the international community did not come together, “vicious cycles” of deflation, liquidity traps, and increasingly pessimistic expectations could take hold.
2008年底，当即将到来的经济破坏程度还没显现，国际货币基金组织的首席经济学家奥利维尔·布兰查德大胆呼吁全球性财政刺激方案，他指出在这些“非常时期”，国际货币基金组织的常用建议——财政紧缩和减少公共债务——是无效的。他警告说，如果国际社会不能走到一起，那将会出现“恶性循环”的通货紧缩，流动性陷阱以及越来越悲观的预期。