If there is going to be more aggregate demand, it can come from only one place. That place is not Europe or Japan, where debts are even higher than in the US – and the demographic preconditions for servicing them less favorable.
如果说，全球经济的总需求毕竟要有所扩大，那只能来自一个地方。不是欧洲，也不是日本，它们的负债比美国还高，人口前景比美国更糟。那只能是来自新兴市场经济体——比如中国。