This simple fact creates a fundamental contradiction for the internal devaluation strategy: the more that countries reduce wages and costs, the heavier their inherited debt loads become. And, as debt burdens become heavier, public spending must be cut further and taxes increased to service the government’s debt and that of its wards, like the banks.
就是这个简单的事实使内部贬值策略陷入自相矛盾的境地：越是削减工资和其他成本，累积债务的负担就相对越重。债务负担越重，就越是得削减公共开支、增加税收，才能应付政府及其拱卫者（譬如银行）的债务。这反过来要求更多的内部贬值，进一步推高债务负担，如此恶性循环，把经济拖入萧条的泥潭。