Not surprisingly, their trade deficits have been shrinking. But most countries that were over-saving and under-spending have not saved less and spent more; their current-account surpluses have been growing, aggravating the weakness of global demand and thus undermining growth.
放眼全球，债权经济体和债务经济体的不对称调整恶化了这一衰退和通缩螺旋。过度支出、储蓄不足、存在经常项目赤字的国家受市场逼迫削减支出、增加储蓄。毫不奇怪，它们的贸易赤字一直在减小。但大部分过度储蓄、支出不足的国家并没有减少储蓄、增加支出；它们的经常项目盈余一直在增加，加剧了全球需求的疲软，因而拖累增长。