There was always a downside – previously ignored but now highly salient in our mercantilist era – to this supposed privilege. If investors flock to “safe” US financial assets, these capital flows must keep the dollar significantly stronger that it would be otherwise, which is an unambiguous cost, especially at a time of idle resources and unutilized capacity.
想象的特权总有衰败的一天——此前一直被忽视，而在如今的重商主义时代显露无疑。如果投资者涌向“安全”的美国金融资产，这些资本流必然会让美元大幅升值，这毫无疑问是一种成本，特别是在满是闲置资源和闲置产能的时期。