When some countries want to run smaller deficits without a corresponding desire by others to reduce surpluses, the result is the exportation of unemployment and a bias toward deflation (as is the case now). When some want to reduce their surpluses without a corresponding desire by others to reduce deficits, the result is a “sudden stop” in capital flows and financial crisis.
当一些国家想减少赤字但没有国家想减少盈余时，结果就是输出失业和通缩倾向（现在的情况就是如此）。当一些国家向减少盈余但没有国家想减少赤字时，结果就是资本流的突然“断流”和金融危机。随着外部失衡的加剧，这一循环的每一阶段都会变得更加痛苦。