The debate about room for fiscal maneuver in practice soon becomes a debate about whether countries that have easily financed debt in the past can automatically continue to do so. We are still in the last stages of a bubble in government debt that arose in the first stage of the financial crisis from the “flight to security” of US Treasuries.
关于财政操作空间的辩论实际上很快会变成另一种辩论，即过去能够轻易获得融资的国家将来是否仍然有此能力。我们仍处于政府债泡沫的最后阶段，这个泡沫是金融危机最初阶段市场资金纷纷向美债“寻求避风港”所堆积起来的。这个泡沫一旦破灭，将不仅仅冲击脆弱的债务国——引发另一场相当于次贷危机的危机，而且也将冲击强大的债权国。