If global savers and investors expect the dollar’s depreciation to continue, they will flee the currency unless they are compensated appropriately for keeping their money in the US and its assets, implying that the gap between US and foreign interest rates will widen. As a result, the cost of capital in the US will soar, discouraging investment and reducing consumption spending as high interest rates depress the value of households’ principal assets: their houses.
目前存在着两种可能性。如果全球储户和投资者预期美元将会继续贬值，那么除非把钱存在美国及美元资产中能得到适当的补偿，这就意味着美国和外国的利息差距将会拉大，否则他们将会抛售手中持有的美元资产。其结果是，美国的资本成本会大幅度提高，利率居高不下会导致家庭的主要资产——住宅价值缩水，从而打击投资者的积极性，降低消费支出。