Is it not the case that the problem in the US has been too little savings, rather than too much? Doesn’t the country’s persistent current-account deficit reflect excessive consumption, rather than weak effective demand?
这一问题还有一个反直觉的地方。美国的问题并不在于储蓄太少，而是在于储蓄太多？该国持久的经常项目赤字所反映的并不是消费过度，而是有效需求不足？