Unsustainable private-debt problems must be resolved by defaults, debt reductions, and conversion of debt into equity. If, instead, private debts are excessively socialized, the advanced economies will face a grim future: serious sustainability problems with their public, private, and foreign debt, together with crippled prospects for economic growth.
要解决不可持续的私人债务问题，必须靠违约、债务削减和债转股来实现。如果私人债务被过分分摊到全民头上，发达经济体的前景堪忧：一边是公私债务和外债同时陷入严重的不可持续状态，另一边是可怜的经济增长。