Moreover, the US and China – indeed, the entire global economy – are suffering from weak aggregate demand, which is creating deflationary pressures. As central banks attempt to combat these pressures by lowering interest rates, they are inadvertently causing releveraging (an unsustainable growth pattern), elevated asset prices (with some risk of a downward correction, given slow growth), and devaluations (which merely move demand around the global economy, without increasing it).
此外，美国和中国——事实上，是整个全球经济——正在受困于总需求疲软问题，总需求疲软正在造成通缩压力。央行试图通过降低利率抵抗这一压力，但这也在不经意间导致了杠杆率重新上升（一种不可持续的增长模式）、资产价格上涨（在低增长环境下，这意味着下跌修正风险）和贬值（这只能让全球经济需求有所移动，而不能增加需求）。