One part of the world runs large deficits for a prolonged period, creating demand; another part of the world runs surpluses, financing its counterparts’ deficits. This was true of Roman-Indian trade in the first and second centuries, and of the age of European exploration in the sixteenth century.
世界一部分国家长期存在巨额赤字，创造需求；另一部分存在盈余，为前一部分的赤字提供融资。在公元一二世纪，罗马-印度贸易即是如此，十六世纪的欧洲探索时代也是如此。两次布雷顿森林体系安排亦是如此，美国保持着必要的赤字。