After all, for too many years leading up to the global financial crisis, America “bought” and “borrowed” its growth by leveraging balance sheets, rather than “earning” it through increased competitiveness. The result was massive misallocation of human resources, insufficient infrastructure investment, over-reliance on credit entitlements, and, of course, unsustainable debt.
我们认为，没有什么魔法能够克服我们国家的问题。毕竟，在迈向全球金融危机的这么多年中，美国的增长是通过资产负债表杠杆化而不是 “买”来和“借”来的，而不是通过增加竞争力“赚”来的。其结果是大规模人力资源配置不当、基础设施投资不足、对授信的过度依赖，当然还有不可持续的债务。让情况更糟糕的是，与此同时，在贸易和其他全球化位面的推动下，具系统重要性的新兴国家步入了它们的“发展突破阶段”。